Transfer money from overseas
This is not very mum related but I'm wondering if anyone knows the answer. I want to transfer about $10k aud from overseas account which is under my name. Does ATO look at this like it will be taxed at the end of FY? I really don't want to pay any tax on my portion of savings. How do I go around it or if it is under my name they don't look at it like it should be taxed? Thank you
I'm 99% sure that if it's your savings you don't pay tax on it, but if you've learnt interest on the savings you need to declare the interest you earned