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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15607
Experience:  15years with H & R Block. Divisional leader, Instructor
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My company just sold and I'm about to get paid a lump sum due

Customer Question

My company just sold and I'm about to get paid a lump sum due to shares that I have. I'm not eligible for the CGT discount as the share are let then 12 months old. Payment will be gross before tax. I'm moving overseas to leave for good next month. Can i get this money transferred to my overseas account direct? If so do I still need to pay tax on it?
Submitted: 2 years ago.
Category: Tax
Expert:  Robin D. replied 2 years ago.
Hello and thank you for allowing me to assist you today.
The tax would be liable even if you have the payment made to a foreign account. The tax event is on the date of the shares disposed and that would be an event still taxable to you in Australia.
The transfer of the funds to your other bank account should not be a problem. You would need to make your request from your Australian bank and they can handle that for you. The transfer is not a taxable event as you will have already declared the share lump sum for income.