anypan

Does anyone know why the rates are crashing, just looked, 2.47. Is it a blip or are they going to tumble. Now that we have got the money from the sale of the house the rates have dropped 11c in the £ since we first started to watch them

Troood

I was told recently that Australia are going to make an interest rate announcement and as a result this will effect the exchange rate. Not sure how accurate that info is though!

SuperSeagulls

It doesnt look good. I spoke with HIFX today and they said it could bottom out at 2.4!

Not v.good at all.

SS

Jacko1

The Aussie dollar historically "normally" sits around 2.3-2.4 to the pound so I think the recent 2.5-2.6 has probably been the blip, unfortunately.

Paul J

steveyp

I don't know about HIFX they seem to generally take the easy approach to predictions, they told me we would never see a 2.5 this year.

I am watching the US dollar, anything below $1.78 will be a bad move. I am hopeful that this is a blip and we will see $2.5 again once oil production calms down...and the Reserve Bank add another .25% on wednesday.

If not I am resigned to the fact I won't be moving all my hard earned at the same time.

Jacko1

Dropping like a stone the pound that is!! $2.46 = £1

anypan

It sounds best then to move as little that is needed now and move the rest at a later date if the rates go back up ?

TrickyTree

You will have to watch yourself doing that anypan.

You will be taxed on the profit you make.

TT

CadburysFingers

Election uncertainty is causing the problem at the moment, the election is on October 9, so look for things to pick up after that.

Alan Collett

... after you have become tax resident in Australia, and subject to an election you can make to disregard non A$ balances if they are less than A$250k in total (note - you cannot net debit and credit balances).

Best regards.

65 million

Sorry to sound like an idiot Alan, so are you saying if the value of you cash is $250 or less then you wont be taxed on it?????.

I have £100k to exchange to AU$, like anypan was saying its just falen since we have had our money from the house too. If the total went over $250, could I make two seperate exchanges which total over AU$250K to avoid any tax?.

many thanks,

65KK

Alan Collett

To be open with you, I would recommend professional advice if you retain non-A$ bank or loan account balances when you move to Australia. This is a very complicated area of tax law and it is easy to get something wrong.

Best regards.

AliHay

Spoke to my dad at the weekend about this and he seems to think it could be to do with the U.S. election uncertainty. Investers tend to use the aussie dollar to invest in as it is the safest. Should pick up after the U.S. and aussie elections. If it doesn't we shall be leaving some money in the U.K. until it picks up.

Hope this helps.
Alison

itsasecret

So in black and white whats the answer?

Will i get taxed on any money i leave in the UK and transfer it "less than 6 months later?" we are talking less than £50k. the aim is to get a better exchange rate.
someone spell this out to me, as im not getting this.?

kirsty&al

Election uncertainty should cause the dollar to weaken (i.e. the rate to go up), so I wouldn't put this dip (strengthening dollar) down to that. Also the rise in Oz interest rates has been on the cards for some time and should have already been 'built-in'.

Has there been anything happening in the UK to weaken the pound? You may want to check the pound against euro and US$ to see if this is the pound weakening or the AU$ strengthening.

Cheers
Alistair