Go Back  British Expats > Living & Moving Abroad > Australia
Reload this Page >

cash movements uk-oz

cash movements uk-oz

Old Dec 18th 2003, 11:06 pm
  #1  
Forum Regular
Thread Starter
 
Joined: Jun 2003
Location: Adelaide soon SE QLD
Posts: 78
marknclaire is an unknown quantity at this point
Default cash movements uk-oz

ive read many items on the forum about moving money between the uk and oz, the problem being they often conflict.

I wish to move my cash from the uk to oz and i believe i must do this before 6 months after my arrival

my questions are

1. is there any offical (ato) publication that lays down all the guidelines for migration and money?

2. What are the deadlines for moving money-is it 6 mnths?

3. If i dont move my money before this deadline what are the ramifications?

4. Im sure i'll pay tax somewhere but what if i just wait for a better exchange rate?

ive already gone down the pension route so please igonore that subject in any reply(otherwise it will get very confusing)

thanks for any help anyone can provide
marknclaire is offline  
Old Dec 19th 2003, 12:44 am
  #2  
BE Enthusiast
 
Joined: Sep 2003
Location: Maroubra
Posts: 753
RichS will become famous soon enough
Default

I can only say that I spoke to an English lady in Brisbane called Helen Wratten and her
number is 07 3347 2274. She works for AMP but don't let that put you
off!

Yes she does deal with importing pensions, but seems her speciality is in helping expats shift assets in general. If nothing else she'll at least be a professional opinion. I found her to be very nice and helpful without pushing any products etc on me.
RichS is offline  
Old Dec 19th 2003, 1:00 am
  #3  
BE Enthusiast
 
dracupg's Avatar
 
Joined: Jul 2003
Location: Westleigh, Sydney
Posts: 546
dracupg is an unknown quantity at this point
Default

The hardest thing we found was actually deciding whether or not to move our pensions from the UK to Oz. Having mixtures of defined benefit and final salary schemes complicates the decision. In the end we decided to move all of them over, and the sooner you do this upon arrival the better.

If you are going to move pensions from the UK to Oz do it yourself. Finacial advsers will charge you a hefty chunk for filling out a few forms. It really is pretty straight forward. Just write to your pension manager and request an overseas transfer. That will get the ball rolling with all the forms etc. You can expect the process to take some months before the funds are made available you your Oz Super fund, largely dependent on the pension manager and whether you get someone in the IR who has a clue what they are talking about.
dracupg is offline  
Old Dec 19th 2003, 5:56 am
  #4  
Just Joined
 
Joined: Dec 2003
Location: Melbourne since Sept
Posts: 13
Ginger Whinger is an unknown quantity at this point
Default Re: cash movements uk-oz

Originally posted by marknclaire
ive read many items on the forum about moving money between the uk and oz, the problem being they often conflict.

I wish to move my cash from the uk to oz and i believe i must do this before 6 months after my arrival

my questions are

1. is there any offical (ato) publication that lays down all the guidelines for migration and money?

2. What are the deadlines for moving money-is it 6 mnths?

3. If i dont move my money before this deadline what are the ramifications?

4. Im sure i'll pay tax somewhere but what if i just wait for a better exchange rate?

ive already gone down the pension route so please igonore that subject in any reply(otherwise it will get very confusing)

thanks for any help anyone can provide

Marknclaire,

Cannot help you with all of this but am fairly sure that the 6 month thing only relates to pensions. For most other money / investments the important date is when you arrived. Then any increase in value of assets from that date may be liable to tax so if the exchange rate moves in your favour then I think you can be taxed on that increase.

We transferred our cash through the Commonwealth bank who gave a surprisingly competitive rate from an account at the London branch to our account with them here an no comission.

The australian tax office has a comprehensive website which will probably have a lot of the info you want but it is very tedious and hard to understand a lot of it. Alan Collett's website has some factsheets which are much more comprehendable.

Remember though - if you do pay tax having got a better exchange rate you will still have more Aussie dollars in your pocket. They only tax the increase!!

GW
Ginger Whinger is offline  
Old Dec 19th 2003, 10:08 am
  #5  
Born to be ignored
 
JaneandJim's Avatar
 
Joined: Sep 2003
Location: Anstead, Brisbane
Posts: 1,138
JaneandJim has a reputation beyond reputeJaneandJim has a reputation beyond reputeJaneandJim has a reputation beyond reputeJaneandJim has a reputation beyond reputeJaneandJim has a reputation beyond reputeJaneandJim has a reputation beyond reputeJaneandJim has a reputation beyond reputeJaneandJim has a reputation beyond reputeJaneandJim has a reputation beyond reputeJaneandJim has a reputation beyond reputeJaneandJim has a reputation beyond repute
Default Re: cash movements uk-oz

Originally posted by Ginger Whinger
Marknclaire,

Cannot help you with all of this but am fairly sure that the 6 month thing only relates to pensions. For most other money / investments the important date is when you arrived. Then any increase in value of assets from that date may be liable to tax so if the exchange rate moves in your favour then I think you can be taxed on that increase.

We transferred our cash through the Commonwealth bank who gave a surprisingly competitive rate from an account at the London branch to our account with them here an no comission.

The australian tax office has a comprehensive website which will probably have a lot of the info you want but it is very tedious and hard to understand a lot of it. Alan Collett's website has some factsheets which are much more comprehendable.

Remember though - if you do pay tax having got a better exchange rate you will still have more Aussie dollars in your pocket. They only tax the increase!!

GW
And if you move money over more than 12 months after entering Australia, you only get taxed on 50% of the gain.

Jane
JaneandJim is offline  
Old Dec 19th 2003, 1:24 pm
  #6  
Migration Agent
 
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,441
Alan Collett has a reputation beyond reputeAlan Collett has a reputation beyond reputeAlan Collett has a reputation beyond reputeAlan Collett has a reputation beyond reputeAlan Collett has a reputation beyond reputeAlan Collett has a reputation beyond reputeAlan Collett has a reputation beyond reputeAlan Collett has a reputation beyond reputeAlan Collett has a reputation beyond reputeAlan Collett has a reputation beyond reputeAlan Collett has a reputation beyond repute
Default Re: cash movements uk-oz

For ease of reference you can obtain my tax factsheets via this webpage
http://www.collettandco.com/aussie_individuals.html

Best regards.



Originally posted by marknclaire
ive read many items on the forum about moving money between the uk and oz, the problem being they often conflict.

I wish to move my cash from the uk to oz and i believe i must do this before 6 months after my arrival

my questions are

1. is there any offical (ato) publication that lays down all the guidelines for migration and money?

2. What are the deadlines for moving money-is it 6 mnths?

3. If i dont move my money before this deadline what are the ramifications?

4. Im sure i'll pay tax somewhere but what if i just wait for a better exchange rate?

ive already gone down the pension route so please igonore that subject in any reply(otherwise it will get very confusing)

thanks for any help anyone can provide
Alan Collett is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.