Australian deposit interest

D

Djimi Traore

Registered User
Messages
35
Hi

I'm Irish and lived in Australia for a number of years. I moved back to Ireland in July 2022 and still have cash on deposit in Australia earning interest. It will be over €5k in each of 2022 and 2023. My understanding is that it will be taxed at 44% as it's non-EU and I believe I have to lodge a form 11 given it's over €5k. Is anyone able to confirm if I need to fill a form 11 for 2022 given I was only in the country from mid-July? Or do I just start from 2023?

On a related note, the Australian Dollar has performed pretty badly vs the Euro since I've moved back, could I claim a capital loss on this if I transfer it back to Euro?

Thanks
 
Djimi Traore said:
On a related note, the Australian Dollar has performed pretty badly vs the Euro since I've moved back, could I claim a capital loss on this if I transfer it back to Euro?
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No. This would be a foreign exchange loss on a deposit account so CGT treatment would not apply.
 
RedOnion said:
Interesting. Do you have a source to back this up, and why its different because of it being a deposit rather than cash?
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No, but why do you think that CGT treatment would apply?

Edit: oh, maybe CGT treatment does apply?
 

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