pamel w Posted October 9, 2018 Share Posted October 9, 2018 I believe I can keep these but will the interest be taxed in Australia Quote Link to comment Share on other sites More sharing options...
Marisawright Posted October 9, 2018 Share Posted October 9, 2018 (edited) Yes, I believe you can keep them (though you can't open new ones). You will have to declare the interest on your Australian tax return as income. Edited October 9, 2018 by Marisawright 1 Quote Link to comment Share on other sites More sharing options...
rammygirl Posted October 9, 2018 Share Posted October 9, 2018 Yes you can keep them but as said you will need to declare the interest to the ATO and you will be taxed on it. Really only worth keeping if you think you will return to the UK. The interest rates are usually poor and you can’t switch them to higher paying accounts once you are no longer a UK resident. Same with other savings accounts. I honestly can’t see what the problem with switching to a better account at the same bank who has had my money for years is. Can’t be money laundering or failure to disclose its the same money in the same bank! Seems the nets set to catch the sharks also snare the small fry. 1 Quote Link to comment Share on other sites More sharing options...
pamel w Posted October 10, 2018 Author Share Posted October 10, 2018 Thanks girls - not worth keeping then unless returning to the UK is a possible option. Quote Link to comment Share on other sites More sharing options...
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