If you've ever sent money to family back home or received a large amount from overseas, the Australian Taxation Office (ATO) would want to know about it. Most transfers are legal and untaxed, but the rules around what to declare, what to keep records of, and the AUSTRAC and ATO rules most people don't realise apply to them. In the final episode of Money Matters, Swati Sharma of SBS Hindi sits with registered tax agent Puneet Singh ahead of the EOFY to walk through the rules on sending and receiving money or inheritance from overseas.
What you'll learn in this episode:
- When is sending money overseas a gift, and when does it count as a taxable transaction in the ATO's eyes?
- If you receive a large sum from overseas, like an inheritance, family property sale proceeds, or money from parents, do you have to declare it in Australia, and will it be taxed?
- What is AUSTRAC, and what happens when a single international transfer goes over $10,000?
- What records should you keep if you regularly send money overseas, so you can answer the ATO clearly if they ever ask?
Australia's financial system, explained in Hindi.
Money Matters is SBS Hindi's plain-language guide to the money decisions that shape our lives: tax, super, mortgages, sending money home, and more. In conversation with industry experts, we break down one topic at a time, honestly and without the jargon.
The final episode of Season 1 of Money Matters explores the rules on sending and receiving money overseas in Australia, ahead of the end of financial year (EOFY).
Money Matters returns later this year with more on super, mortgages, and the financial decisions that shape life in Australia. You can write your suggestions to us at Hindi.Program@sbs.com.au
Disclaimer: The information given in this podcast is of general nature and for educational purposes only. Contact a professional tax agent for advice tailored to your specific situation.
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