Cash Transfers and Items Not Subject to Australian Tax

• Funds from loans paid out and transferred to migrants.
• Funds transferred from investments, savings and bank accounts (other than capital gains, interest or dividend components).
• Proceeds from sale of personal or business assets made prior to becoming a tax resident.
• Inheritances.

Monitoring of Cash and Fund Transfers

All institutions and individuals are required to notify the Australian authorities of cash or fund transfers exceeding $10,000. A special Tax Unit in the ATO has been established to compare fund transfers with the amount of foreign income declared in individual’s tax returns.