Tax on overseas deposit account interest

S

spotteddog

Guest
Hi im wondering if anyone knows about interest earned on an overseas tearm deposit account is liable for tax in Ireland. Currently i have some money that was saved from many years of work in AUS and IRELAND and as interest rates are high in AUS i have decided to leave the money in the AUS account as it earns more than putting this on my mortgage. Currently i earn 6.0% and pay tax on the interest at maturity in Australia. The interest earned would convert to between 2000-3000 euro per year in total (depending on the exchange rate at the time)

I have lived in IRELAND for 6 years and have applied for citizenship but am unsure if or how this couple of thousand per year would be viewed by revenue. I do pay TAX in Australia (as the taxation system is very structured and strict) on this money already, however am not sure if this makes any difference.

Thanks in advance
 
Based on the information provided you are an Irish resident and are ordinarily resident for tax purposes. Due to this you are liable to Irish tax on your worldwide income. You would receive a credit for Australian tax paid.
 
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