jasonK944

Those of you who are in Aus now nad have been there for a year at least can best answer this question. When you came to do your tax return did you tell the tax authorities about the assets that you have left in the UK, e.g PEPs, Isas, bank account etc. As I understand it you should do so, but if you dont how would the Aus tax people know? Its not that I am atrying to avoid paying tax

renth

I'm pretty sure the tax return only asks you if you have assets overseas of more than $50,000 (I think that was the amount).

It's a yes/no thing, you don't have to detail anything.

The bottom line though is that if you choose to tick no, but the answer really is yes then you are lining yourself up for some potential problems with the taxman in the future.

The taxman here, like in the UK will be over you like a rash if they get even a hint of dishonesty.

This could be triggered if you transfer more than $10 thousand in to Oz or if you declare a capital gain in the future (on UK assets) but forgot that in an earlier tax return you'd ticked the "no" box about overseas assets.

I don't know how much the Australian and UK tax people talk to each other but my policy is to play with a straight bat.

Although I reckon it would be easy to get away with it...

NoodleSYD

As of a couple of years ago there is now an information sharing agreement between the UK and Australian tax authorities - it goes both ways.
If Aus asks the Inland Revenue something about your affairs... they will answer.

markeh

Hi NoodleSYD [/i]
I suspect that they would lease wery well.

I think an accountant would be a good idea.
I think that they are tax deductable as well

Bye
Markeh