Re: EXCHANGE RATE
 

Hi all, in the same boat, watching the screens on ADVFN like a hawk, problem is the rate changes by the second and it's addictive. We are surrounded by Pickfords boxes and go next week to Brisbane.

Sods law that the only two major world currencies not weakening against the pound are both Aus and NZ dollars.

240 would have me breaking someones arm off, but I did get 250 on half our dough in August. We bought land and now need more from our house sale to fund the builds. Liked the post about drip feeding the money though, good idea. We have to pay in stages, so might work for us.

Oh the marekts

BTW $2.2930 AT 16.03PM

Eagle

Re: EXCHANGE RATE
 

Were off to Melbourne in 3 weeks and thought about doing the same thing but here is the $65,000,000 question. Will be liable for CGT on any interest made from when you land? I read a thread about this on expats recently. Will try to find it. Does anyone know, definitively, if this is the case?

Re: EXCHANGE RATE
 

Post number 3, if correct, would be a major issue for anyone thinking of leaving cash in the UK, when emigrating, until rates improve. However, according to post 3 you can claim losses on your tax return if the rate dips and you loose money (credit to Sooty and Sweep for the original post):

http://britishexpats.com/forum/showthread.php?t=485444

Re: EXCHANGE RATE
 

I hope this helps,

If you park your £'s in an overseas account that was opened prior to 20th September 1985 any capital gain or loss made is disregarded for tax purposes.

We fly out on December the 2nd, the funds for our house sale will not be available to us until after we arrive in Australia. My hope is that exchange rates will improve in our favour in time to purchase a property. Our pre-1985 HSBC account will protect us from capital gains tax when we submit the self assessment tax form.

Phil

Re: EXCHANGE RATE
 

Good find, thought about this one quite alot, done some research, but to be honest, in my humble opinion, the grey area, is grey, very grey?

I would challenge any decision by the OZ tax man in a court of law becauses there are so many different circumstances which could be argued during a court case why the money was left or had to be left, or could not be transferred to an Australian bank at the first entry date or permanent entry date?

But each to their own interpretation as it is a very hot and sensitive subject on here, i like to think i covered the subject in my previous thread, but i am comfortable with by interpretation.

Re: EXCHANGE RATE
 

Apart from any CGT implications you will still be liable for Australian income tax on any interest made....just another consideration.

G

Re: EXCHANGE RATE
 

Nightmare, we too got 2.51 in August and need to exchange a bit more now but with the rate as it is i'm buggared if i'm gonna do it now... just gonna wait and see... 2.40 and will do it. :thumbsup:

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and yes it wil be gr8 for us too when we get there. where bouts are u ?

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....How things can start to change so quickly in a week, eh !

Oil Prices Steady Above $97 a Barrel
http://ap.google.com/article/ALeqM5i...BB-tAD8T2GUJG0

"On Wednesday, the contract fell 74 cents to settle at $97.29 a barrel during the New York floor session, retreating from an intraday record of $99.29 a barrel during electronic trading earlier in the day."

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do we not have an agreement between the UK and Australia that tax will only be paid once in either country? If you pay tax on your interest then you won't have to pay it again, surely?

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Getting closer to that watershed figure all the time...

Oil bubbles near $US99
November 26, 2007 - 2:22PM
http://business.theage.com.au/oil-bu...1126-1cuq.html

Oil prices hovered near $US99 in Asian trade today as traders continued to fret over tight supplies globally, dealers said.

In early morning trade New York's main contract, light sweet crude for January delivery, was up 57 cents at $US98.75 a barrel from $US98.18 in late US trades on Friday.

Brent North Sea crude for January delivery rose 62 cents to $US96.38.

"The market is fundamentally tight and one of the factors at present supporting prices is the tight market," said David Moore, a Sydney-based commodity strategist with the Commonwealth Bank of Australia.

A decision on whether or not to increase output when the Organisation of Petroleum Exporting Countries (OPEC) meets on December 5 will be closely watched by the market, said Moore.

"That will be very important no matter what the decision is," he said. "The decision is an important one for the oil market in terms of the perceived balance between demand and supply."

Dealers also cited US government data showing that energy stockpiles had fallen more heavily than expected.

US reserves of distillates, including crucial heating fuel and diesel, also fell more than had been forecast.

Heating fuel demand is expected to pick up as the northern hemisphere winter kicks in next month. The US northeast region is the world's biggest user of heating oil.

The price of oil has surged by about 64 per cent since the start of 2007, supported by supply disruptions in key producers such as Nigeria, strong demand from China and India, and jitters over the Iranian nuclear crisis.

Re: EXCHANGE RATE
 

and now at $114 a barrel and still rising as predicted.

Those guys buying options on $200 oil are watching all this with glee !
http://www.financialexpress.com/news...prices/258914/

It will be a tough job commuting from the fringes of suburbia if you are paying $3 a litre for petrol....

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And the ex rate is below $2.10 today, $2.0989.

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Hope someone can answer this that knows not just guessing!

We fly out this sunday, have lots in the bank, have opened a foriegn exchange account so all ready to go, its just the exchange rate. Now, i have heard lots say you dont pay anything on it, and others say you do. Has anyone ever done all of this, and so knows exactly what does happen if you leave you dosh in UK, wait for a while then exchange.

Just so confused with it all, and really stressed as if we wait it still might not even go up that much, if at all, then we exchange and are hit by a big bill of tax.

PLEASE SOMEONE, HELP!!!!!
Carley

Re: EXCHANGE RATE
 

Check out post number 63 it may answer your question.