# Is initial bank deposit Taxable?



## Shylon (Aug 25, 2012)

Hello, I living in Iran, due to embargo I can't get money from a foreign country like US, I am curious about is possible to open a bank account in Australia? and if possible is taxable or is initial money is under taxes? I really have not any experiences about this, Also I said Australia because I may immigrate to there for living.
Thanks for answers.


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## Boboa (Mar 24, 2009)

No bank deposits are not taxable


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## Shylon (Aug 25, 2012)

Thank you, but is possible to open a bank account from a foreign country, like Iran?


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## Boboa (Mar 24, 2009)

Yes it is possible, but you need to be in Australia to activate it. Meaning you can open a bank account and put money in it from overseas but you will not be able to make any withdrawals until you are in Australia. This is mainly to avoid money laundering and fraud.


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## Shylon (Aug 25, 2012)

Thank you I appreciate for answers.


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