Returning to Ireland from Australia - tax implications

J

Jbaus

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Hi

We are a married couple returning to Ireland after several years with some decent sized savings built up. We're looking to understand:

1) will we need to pay any extra tax on our savings if we move it out of Australia to Australian govt?
2) will we need to pay any taxes on the savings to the Irish govt?
3) if yes, to either of above any thoughts as to ways of minimising either?

Thanks in advance.

Jbaus
 
Hi. I am far from an expert on this but I do not think you are liable for further tax. Another question though. Are you permanent residents? If not planning on returning to Australia are you entitled to have your superannuation refunded? Also if you are permanent residents are you entitled to medicare and if not can you get a medicare levy exemption/ refund? As a working holiday visa holder last year I had no medicare entitlement and so could claim a refund on the levy I had paid.
If you hold the money in Australia and return to Ireland you will have to pay a non resident tax on the interest, also probably Irish income tax on the interest I assume. Deposit interest rates in Australia are higher at the moment. Aus to Euro exchange rates have varied a lot over the past 18 months but seem quite stable the past 6 months.
 
I doubt if you'll be liable for any more taxes. Just be prepared to prove where you acquired the money.

Might be an idea to move in the middle of a tax year in both countries. The Irish tax year is Jan to Dec.
 
Hi Tom

We're not permanent residents. On 457 visa. Thanks aware re the super refund, although it is taxed quite heavily it a nice little bonus.

Yes should also be able to claim back Medicare levy which is significant.

Thanks of the advice bronte - I better up my admin skills and start keeping pay cheques!

Cheers
JB
 
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