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Recently, one of my colleagues sold her house in India and she wanted to bring that money to Australia. However, she wasn’t sure about the tax that she might have to pay in Australia.
I wouldn’t say her fear was entirely unfounded. The laws around finance and tax implications in Australia are often unclear and open to interpretation. You don’t want to go through all the hoops to send money to Australia from overseas only to pay hefty penalties here.
I often get questions from Aussian readers around transferring money in and out of Australia and the taxation aspect thereof. This article will try to answer those questions.