So to be honest I'm not hugely financially literate, and I'm not sure where to go to ask for advice. So why not ask a football forum.
I am living overseas for 5 years now but I still have an Australian bank account that I have hardly used since moving. There are almost no fees and sometimes it comes in handy so I don't see the need to close it at this time.
The current exchange rate from CHF to AUD seems to be very good, almost at the highest point in the last 5 years.
My salary at the moment is about 120k AUD per year, after tax that being about 85k-90k.
My question is should I be sending money back to my Australian account now while the rate is so good? Or is there no point to it? My idea was to send back 1000chf per month kind of like a savings account as at the moment I would get nearly $1.70 for every 1chf.
I travel back once every couple of years or so to visit but apart from that I have no immediate plans to return for good, but it's possible one day I would like to return to live. I have no mortgage or debts to think about and am wondering what I should be doing with my money rather than stockpiling it in my Swiss account.
Does anyone know the implications of this, i.e would I have to start declaring a tax return again in Australia if I was depositing money to my account often?
Should I just keep it in my Swiss account if I'm not going to use it any time soon?
Is it a bad idea?
Help me!
Thanks
I am living overseas for 5 years now but I still have an Australian bank account that I have hardly used since moving. There are almost no fees and sometimes it comes in handy so I don't see the need to close it at this time.
The current exchange rate from CHF to AUD seems to be very good, almost at the highest point in the last 5 years.
My salary at the moment is about 120k AUD per year, after tax that being about 85k-90k.
My question is should I be sending money back to my Australian account now while the rate is so good? Or is there no point to it? My idea was to send back 1000chf per month kind of like a savings account as at the moment I would get nearly $1.70 for every 1chf.
I travel back once every couple of years or so to visit but apart from that I have no immediate plans to return for good, but it's possible one day I would like to return to live. I have no mortgage or debts to think about and am wondering what I should be doing with my money rather than stockpiling it in my Swiss account.
Does anyone know the implications of this, i.e would I have to start declaring a tax return again in Australia if I was depositing money to my account often?
Should I just keep it in my Swiss account if I'm not going to use it any time soon?
Is it a bad idea?
Help me!
Thanks
