Moving home/transferring money

Emylou

Hi all,

In talks about moving home at the moment, if I was to transfer a large sum of money would I be taxed in Ireland when transferring?

Also I want to leave my super as is for now - will I have to do an annual tax return ?
Is this easy enough to just leave here.

Thanks

skippy2

If you are just transferring you're savings you will not be taxed but you will be taxed DIRT on any interest on those savings once you return home. You may need to provide proof of the source of these funds to the bank that you deposit them in for money laundering purposes.

Not sure on the super...........would think just leave it there you never know you might go back :-)
As far i know you cant just remove it either. Return in Aus might be better

gudede

Hi,

With regards the super it depends on what you want to do and your visa.

What visa are you on? If your on a PR visa then you can't take your super.

Will you ever return to Oz?
Yes/No is doesn't really matter, you can take your super with you and return later in life if you want but you can't claim your super and return within a couple of weeks. It's all about your intention at a particular time.

If you leave your super there then you might have to reopen a bank account later in life to receive the money and you'll be taxed on it in Oz and Ireland (when you start receiving payments from your super account). If you take your super now you'll be taxed 37% by the super company before receiving the balance.

I'm just after claiming my Super back and the processes was easy enough and I got the money within 2-3 weeks.

Emylou

gudede wrote: »

Hi,

With regards the super it depends on what you want to do and your visa.

What visa are you on? If your on a PR visa then you can't take your super.

Will you ever return to Oz?
Yes/No is doesn't really matter, you can take your super with you and return later in life if you want but you can't claim your super and return within a couple of weeks. It's all about your intention at a particular time.

If you leave your super there then you might have to reopen a bank account later in life to receive the money and you'll be taxed on it in Oz and Ireland (when you start receiving payments from your super account). If you take your super now you'll be taxed 37% by the super company before receiving the balance.

I'm just after claiming my Super back and the processes was easy enough and I got the money within 2-3 weeks.

We are PR just about to get our citizenship and I don't know if we'll be back. Right now I would say not due to the relocation costs but then down the line who knows. We have the option.

gudede

Emylou wrote: »

We are PR just about to get our citizenship and I don't know if we'll be back. Right now I would say not due to the relocation costs but then down the line who knows. We have the option.

Your pretty much Ozzie now buddy...Go back when your 60-70 and pick up your pension.

Tigerandahalf

One concern about your super is what charges the Oz gov might put on it in the event of a downturn. The Irish gov went after private pensions in Ireland. Bringing it home and putting it towards a house deposit might be a better option.

gudede

Tigerandahalf wrote: »

One concern about your super is what charges the Oz gov might put on it in the event of a downturn. The Irish gov went after private pensions in Ireland. Bringing it home and putting it towards a house deposit might be a better option.

The only way he'll be able to bring his pension home is if he gives up his Citizenship.