Do I need to pay tax on money I transfer from overseas to Australia?

Tax on Money Transferred from Overseas to Australia

The short answer: transferring money itself is not taxable, but you may need to declare it depending on your circumstances.

Key Points

• Transfers are not income: Simply moving your own money from overseas to Australia is not considered taxable income by the Australian Tax Office (ATO)
• The source matters: If the money comes from income, investments, or gifts, tax may apply depending on what it is and your residency status
• Foreign income: If you earned the money overseas and are an Australian resident for tax purposes, you must declare all worldwide income to the ATO
• Gifts: Gifts from family or friends are generally not taxable in Australia
• Large amounts: Transfers over AUD $10,000 must be reported to the ATO under anti-money laundering laws, but this is a reporting requirement, not a tax

What You Should Do

When you arrive in Australia, you become a resident for tax purposes. You must:

• Declare all income earned worldwide to the ATO
• Keep records of where the money came from
• Report foreign bank accounts if required
• Declare any foreign investments or property

Get Help

If you're unsure about your tax obligations, contact the ATO or speak to a tax professional. The ATO has resources for new residents explaining tax residency rules.

ATO: Coming to Australia

ATO: Tax Residency

This is general information only. Check official sources before acting.