General First arrival and amount of money allowed to carry

Rakshanda

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The immigration form that you are required to fill up at immigration, has a specific question (Question number 5 i believe) that whether you have more than 10000 AUD or equivalent. If you check yes, most likely the customs officer will just have a look, count and take a record. It's good for you because you will have a record for tax free wealth.

Is it only for FIRST arrival? Or you can do that every time you arrive? Thats one huge flaw in the immigration.
 

sara

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The immigration form that you are required to fill up at immigration, has a specific question (Question number 5 i believe) that whether you have more than 10000 AUD or equivalent. If you check yes, most likely the customs officer will just have a look, count and take a record. It's good for you because you will have a record for tax free wealth.
@MysticRiver thanks so much Mystic
 
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MysticRiver

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Is it only for FIRST arrival? Or you can do that every time you arrive? Thats one huge flaw in the immigration.
Everytime. I am not sure if the subsequent carriage will be tax free or not. In some countries, all foreign currency coming in is tax free. And why that would be a flaw? If some one brings millions of money inside, that is very good for Australian economy, as Aus is gaining some "free" foreign investment/reserve.
 

Rakshanda

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Everytime. I am not sure if the subsequent carriage will be tax free or not. In some countries, all foreign currency coming in is tax free. And why that would be a flaw? If some one brings millions of money inside, that is very good for Australian economy, as Aus is gaining some "free" foreign investment/reserve.

So someone can ROB a bank and get into Australia with his bags full of money? Isnt that a legal flaw? :eek: I understand its good for Aus economy.
 

MysticRiver

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Why would Australia care if someone robbed a bank from some other country X? It's the duty of the immigratio/customs of the host country X to prevent that person to leave with that amount of money, not Australia's. If X allows someone to leave the country with bag full of money, Australia will graciously accept that :D.

And this is the rule in all the countries I have visited.
 

Rakshanda

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Why would Australia care if someone robbed a bank from some other country X? It's the duty of the immigratio/customs of the host country X to prevent that person to leave with that amount of money, not Australia's. If X allows someone to leave the country with bag full of money, Australia will graciously accept that :D.

And this is the rule in all the countries I have visited.

LOL! I am so ROBING a bank :D
 

MysticRiver

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Of course, if the amount is too much, the customs might alert the homeland security to observe the transactions of that person to make sure that money is not used in any illegal/terrorist activity. But that's separate issue I guess.
 

Rakshanda

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Of course, if the amount is too much, the customs might alert the homeland security to observe the transactions of that person to male sure that money is not used in any illegal/terrorist activity. But that's separate issue I guess.

Entirely separate scenario.
 

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Hello,
Also first time money you bring to Australia is tax free.
Where can I find more information about this?
Like how do they define the "first time"?
I am planning to create a bank account and transfer some money before my arrival. If I do that would that become my first time?

Cheers!
 
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MysticRiver

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To be more precise, any money you bring into Australia from your overseas savings is not taxable (first time is a misnomer). You'd need to pay tax in Australia for your worldwide income since you became an Australian resident for tax purpose. Old savings (which was earned before you became Australian resident for tax purpose) is not taxable in Australia, no matter when you bring those in Australia.

Recommend calling ATO if you want to confirm this.
 

KR79

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To be more precise, any money you bring into Australia from your overseas savings is not taxable (first time is a misnomer). You'd need to pay tax in Australia for your worldwide income since you became an Australian resident for tax purpose. Old savings (which was earned before you became Australian resident for tax purpose) is not taxable in Australia, no matter when you bring those in Australia.

Recommend calling ATO if you want to confirm this.
I am a Permanent Resident (PR granted back in 2020) but I haven't made an initial entry yet due to COVID and all. I will be traveling for the first time to Australia in mid of Feb 2023 with the intention of a Permanent move i.e settling down. Therefore I will become a Resident for Taxation purposes on the day of my arrival. However I have a clarification to make.

Based on what you said is it safe for me to assume that Australia won't tax me on any income earned abroad before arrival in Australia i.e between 1st July 2022 and my date of arrival ? I have no Australia sourced income either in this period !

Also I understand that I will be taxed on foreign sourced income (world wide income ) from the day of arrival . Is that correct too ?
 
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