chilliman

http://www.global-view.com/forex-tra...ls/mmview.html

Interesting views on interest rates forecast, watch out for the 4th November. Lets hope its 0.5% cut by the RBA!?

foreveryoung1

Thanks Chilliman that was a really usefull link.

Hang on tight everyone if you're riding this financial rollercoaster

chilliman

No worrires It's amazing what you can find via google!

I'm looking forward to jumping off this ride, but its an important decision so need to call it right ... sitting tight, hoping & waiting!!

IndieG

Went to a low of 60.44c, now 61.5c.....

Some interesting views here:

http://www.smh.com.au/news/opinion/p...351052160.html


http://www.bloomberg.com/apps/news?p...d=a9KoXk92AhVs

lilsweets

Feel exactly the same, I'm holding on tight, my bloody knuckles are white!

Peatbog Faerie

Wish u all the best of luck with your exchange rates BUT consider as i diddnt the massive tax bill i had to pay on money transferred from the UK into Aussie bank account made a joke of me anticipating rates ect!!

datamile

Tax Bill ?

AndyR

Eh? Tax Bill?

chilliman

I assume this was capital gains tax on the increased $AUD of your £ deposits?

flodsfive

i think peatbog faerie might be talking about the tax you officially have to pay if you leave your money in the uk and bring it out at a later date making money on the exchange rate.
I think you are liable for tax on the increased $ for eg

you move to aus on dec 1st gbp/aud is $2.00

change money nov 1st gbp/aud $3-00

£100,000 dec = $200,00
£100,00 Nov = $300,00

tax payable on $100,00

At least i Think thats how it works, however, i think there is a small window where you can change without liability.

I'm sure someone will come along who knows a bit more and correct me if I am wrong but that is my understanding off the tax bill.

Hope this helps

AndyR

What happens if I changed money now and sent to an Oz account, but them moved to Oz in 6 months? Would I be liable for tax on this, plus how would they know and how would they tax me for it?

flodsfive

To be honest not certain, as for how would they know I think it's a case of pot luck. There was a thread on hear I think about 6 months ago that got quite heated. (sorry, I can't find it on search option)A very helpful chap came on and set everybody straight. He seemed to think that on the whole it's a law for business. However, it officially does apply to private individual how they find out I do not know.

We changed our money and sent it over in June, had too because we bought a house exchange rate really bad. perhaps I could get tax back because exchange rate much better now and moving over in two weeks.

Seriously though I don't think they could tax you because your money would on aussie shores. you will just get charged the flat 10% on your interest that the savings earn.

AndyR

Thx, thats what I thought too. If you a business YES, but for personal, SSSSHHHH

Flutterby

Do you not have to declare it on your tax return?

philnorris

I managed to settle with HiFx at 2.6 and locked that rate in with a deposit, then a few days ago they called me asking if I wanted to sell it and come out of my contract at 2.4

Why I dont know but they where pretty pushy about it but I am not moving. 2.6 is a good rate and I dont care if it goes higher or not I am happy with that. I just dont understand why HiFx wanted me to come out of the contract so bad.