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$100,000 investment & tax on interest?
Nice suprise in the mail this morning, a cheque for the interest on the $100,000 investment I put up for the extra 5 points. Then another, not so nice suprise, they deducted 10% for tax!!
I wasn't aware that I would pay tax, I have yet to validate my visa, not going till March 2004 (perhaps I should have read the small print more thoroughly)If I am liable for tax, so be it, I'm just a little suprised as i was not expecting to be taxed. So for anyone in the know, is this right? Thanks Pudnut... |
Re: $100,000 investment & tax on interest?
Originally posted by pudnut Nice suprise in the mail this morning, a cheque for the interest on the $100,000 investment I put up for the extra 5 points. Then another, not so nice suprise, they deducted 10% for tax!! I wasn't aware that I would pay tax, I have yet to validate my visa, not going till March 2004 (perhaps I should have read the small print more thoroughly)If I am liable for tax, so be it, I'm just a little suprised as i was not expecting to be taxed. So for anyone in the know, is this right? Thanks Pudnut... OzTennis:) |
The 6 months interest is due today on our $100K Investment Bond.
Do they send it in the post to the UK? Thought it would be paid straight into our Oz bank account. We are still in the UK. Therefore, what use is a cheque in AUS$ while in the UK. Also, what happens at the end of the 12 months? Where will they send it, UK or Oz? We will be living in Oz come March 04. Cheers Lee |
Originally posted by leejo The 6 months interest is due today on our $100K Investment Bond. Do they send it in the post to the UK? Thought it would be paid straight into our Oz bank account. We are still in the UK. Therefore, what use is a cheque in AUS$ while in the UK. Also, what happens at the end of the 12 months? Where will they send it, UK or Oz? We will be living in Oz come March 04. Cheers Lee Pudnut... |
Originally posted by pudnut you can chose to either have it sent to you by cheque, or have it paid straight into an account. we choose to have a cheque sent to us and it arrived here in the UK today. We are putting it into our Oz back account that we have opened here. When the 12 months are up, again you choose to have a cheque sent or paid into bank account. Pudnut... But, was it on the application form you send with the money to your chosen State Treasury? Or do I have to contact them at each 6 month interval? Cheers Lee |
Originally posted by leejo Can't remember! But, was it on the application form you send with the money to your chosen State Treasury? Or do I have to contact them at each 6 month interval? Cheers Lee When are you off? and where abouts? Pudnut... |
Originally posted by pudnut Lee, you would have ticked a box on the investment application form, no need to contact them at all unless with a change of address. When are you off? and where abouts? Pudnut... We are looking at settling in Cairns. Where are you going? Cheers Lee |
Once you get to OZ and get your tax file number, then you tell the authority and they won't deduct the 10% tax. You'll have to declare the interest on your tax return though:(
Jane:) |
Originally posted by leejo We're flying to Hong Kong on 30th March, for a couple of days. Then onto Cairns. We are looking at settling in Cairns. Where are you going? Cheers Lee But going straight to Perth Pudnut... |
Originally posted by JaneandJim Once you get to OZ and get your tax file number, then you tell the authority and they won't deduct the 10% tax. You'll have to declare the interest on your tax return though:( Jane:) Pudnut... |
Originally posted by pudnut Cheers for that. Looks like I'll be paying some tax on the 2nd interest installment too!! Pudnut... Same as us. We go in less than three weeks.:scared: |
Originally posted by pudnut Wow!! Also flying out on the 30th March!!! But going straight to Perth Pudnut... Where flying out of Heathrow, on Cathay Pacific. What about you? Cheers Lee |
Re: $100,000 investment & tax on interest?
Sorry to be the bearer of bad tidings, but depending on your UK personal tax position you may also have to pay tax on this interest in the UK.
Example: assume the interest is A$2,000 (gross), which equates to about £850. If you are paying tax in the UK at 22% your liability on this interest income is £850 x 22%, or £187. You have already suffered 10% tax (£85), so there is a balance of £102 to pay to the Inland Revenue. Best regards. Originally posted by pudnut Nice suprise in the mail this morning, a cheque for the interest on the $100,000 investment I put up for the extra 5 points. Then another, not so nice suprise, they deducted 10% for tax!! I wasn't aware that I would pay tax, I have yet to validate my visa, not going till March 2004 (perhaps I should have read the small print more thoroughly)If I am liable for tax, so be it, I'm just a little suprised as i was not expecting to be taxed. So for anyone in the know, is this right? Thanks Pudnut... |
Originally posted by leejo Pudnut Where flying out of Heathrow, on Cathay Pacific. What about you? Cheers Lee |
Re: $100,000 investment & tax on interest?
Originally posted by Alan Collett Sorry to be the bearer of bad tidings, but depending on your UK personal tax position you may also have to pay tax on this interest in the UK. Example: assume the interest is A$2,000 (gross), which equates to about £850. If you are paying tax in the UK at 22% your liability on this interest income is £850 x 22%, or £187. You have already suffered 10% tax (£85), so there is a balance of £102 to pay to the Inland Revenue. Best regards. so I get to pay double tax, YIPPY!! |
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