exchange rates
Oct 7th 2004, 2:11 pm
#61
BE Enthusiast
Joined: Sep 2002
Location: Mornington, Melbourne
Posts: 419
Re: exchange rates
Thanks Alistair,
Out of interest if you do end up paying capital gains tax on your savings due to an improved exchange rate what percentage of that do they grab?
Out of interest if you do end up paying capital gains tax on your savings due to an improved exchange rate what percentage of that do they grab?
Oct 7th 2004, 3:17 pm
#62
Down Under and Lovin It
Joined: May 2004
Location: Ellenbrook, Perth, WA
Posts: 692
Re: exchange rates
Now I know I said stay cool, but just spoke to a money man who says that in their opinion the AUD$ will strengthen even more after the election!
Sorry folks
But as I said you can't do much about it
PJ
Sorry folks
But as I said you can't do much about it
PJ
Oct 7th 2004, 4:44 pm
#63
Account Closed
Joined: Jul 2004
Posts: 4,235
Re: exchange rates
Ok, I got a question.......
What happens if we have arrived in Oz, not sold the house yet, so dont have any money to transfer....in 3 months time we do sell the house and transfer it immediately.....how does that work with the CGT????
What happens if we have arrived in Oz, not sold the house yet, so dont have any money to transfer....in 3 months time we do sell the house and transfer it immediately.....how does that work with the CGT????
Oct 7th 2004, 7:10 pm
#64
Happy Daddy
Joined: Aug 2003
Location: Dodgey West Midlands , UK
Posts: 1,312
Re: exchange rates
Originally Posted by Hels
Ok, I got a question.......
What happens if we have arrived in Oz, not sold the house yet, so dont have any money to transfer....in 3 months time we do sell the house and transfer it immediately.....how does that work with the CGT????
What happens if we have arrived in Oz, not sold the house yet, so dont have any money to transfer....in 3 months time we do sell the house and transfer it immediately.....how does that work with the CGT????
I think you get 6 months to move your money & pensions, after that it's TAX time
Bye
Mark
Oct 7th 2004, 10:34 pm
#65
Joined: Feb 2004
Posts: 1,277
Re: exchange rates
Originally Posted by 65 million
Thanks Alistair,
Out of interest if you do end up paying capital gains tax on your savings due to an improved exchange rate what percentage of that do they grab?
Out of interest if you do end up paying capital gains tax on your savings due to an improved exchange rate what percentage of that do they grab?
Regards
Alistair
Oct 8th 2004, 8:10 am
#66
Joined: Feb 2004
Posts: 1,277
Re: exchange rates
Originally Posted by markeh
Hels,
I think you get 6 months to move your money & pensions, after that it's TAX time
Bye
Mark
I think you get 6 months to move your money & pensions, after that it's TAX time
Bye
Mark
As said previously in this thread the 6 months only applies to pensions.
Hels,
with regards to your house question, I don't have any experience in this area. However, the basic rules of the game are that on your arrival date (to stay permanently) all of your assets are notionally converted to AUD. This is why cash gets CGT if you exchange later at a better rate. In the same way your house will be notionally converted into AUD. However CGT does not apply to any gain on your own home. So assuming that you havn't rented the property (at any time) and you convert the money as soon as you can after the sale then this should not be subject to CGT.
As I have said previously if you end up getting taxed on a gain then you have at least made a gain, which is better than a loss.
Regards
Alistair
Oct 8th 2004, 9:06 am
#67
BE Enthusiast
Joined: Sep 2002
Location: Mornington, Melbourne
Posts: 419
Re: exchange rates
Just bought my first £30K worth of Aussie dollars through HIFX at a pitiful rate of 2.4403 getting us AU73,209
Had a chat with the currency broker in his "opinion" the current "floor level" is around 2.30. The uncertainty over the American election is forcing people to move money away from the USA, hence into Aus. He see's more interest rate rises in Aus next year and thinks the best window of opportunity in the near term is between November (post US election) and February2005. In his opinion the Australian economy is "too strong".
Our opinion is that this money we keep us in rent and food for at least one year or more if were careful and hopefully by then we can cash-in the other 2/3rds of our money.
Hope this helps anyone else suffering over the dilemma of changing money like us.
All the best,
65KK
Had a chat with the currency broker in his "opinion" the current "floor level" is around 2.30. The uncertainty over the American election is forcing people to move money away from the USA, hence into Aus. He see's more interest rate rises in Aus next year and thinks the best window of opportunity in the near term is between November (post US election) and February2005. In his opinion the Australian economy is "too strong".
Our opinion is that this money we keep us in rent and food for at least one year or more if were careful and hopefully by then we can cash-in the other 2/3rds of our money.
Hope this helps anyone else suffering over the dilemma of changing money like us.
All the best,
65KK
Oct 8th 2004, 9:23 am
#68
Down Under and Lovin It
Joined: May 2004
Location: Ellenbrook, Perth, WA
Posts: 692
Re: exchange rates
Originally Posted by 65 million
Just bought my first £30K worth of Aussie dollars through HIFX at a pitiful rate of 2.4403 getting us AU73,209
Had a chat with the currency broker in his "opinion" the current "floor level" is around 2.30. The uncertainty over the American election is forcing people to move money away from the USA, hence into Aus. He see's more interest rate rises in Aus next year and thinks the best window of opportunity in the near term is between November (post US election) and February2005. In his opinion the Australian economy is "too strong".
Our opinion is that this money we keep us in rent and food for at least one year or more if were careful and hopefully by then we can cash-in the other 2/3rds of our money.
Hope this helps anyone else suffering over the dilemma of changing money like us.
All the best,
65KK
Had a chat with the currency broker in his "opinion" the current "floor level" is around 2.30. The uncertainty over the American election is forcing people to move money away from the USA, hence into Aus. He see's more interest rate rises in Aus next year and thinks the best window of opportunity in the near term is between November (post US election) and February2005. In his opinion the Australian economy is "too strong".
Our opinion is that this money we keep us in rent and food for at least one year or more if were careful and hopefully by then we can cash-in the other 2/3rds of our money.
Hope this helps anyone else suffering over the dilemma of changing money like us.
All the best,
65KK
makes total sense to me
Oct 8th 2004, 10:37 am
#69
Joined: Feb 2004
Posts: 1,277
Re: exchange rates
Originally Posted by 65 million
Just bought my first £30K worth of Aussie dollars through HIFX at a pitiful rate of 2.4403 getting us AU73,209
Had a chat with the currency broker in his "opinion" the current "floor level" is around 2.30. The uncertainty over the American election is forcing people to move money away from the USA, hence into Aus. He see's more interest rate rises in Aus next year and thinks the best window of opportunity in the near term is between November (post US election) and February2005. In his opinion the Australian economy is "too strong".
Our opinion is that this money we keep us in rent and food for at least one year or more if were careful and hopefully by then we can cash-in the other 2/3rds of our money.
Hope this helps anyone else suffering over the dilemma of changing money like us.
All the best,
65KK
Had a chat with the currency broker in his "opinion" the current "floor level" is around 2.30. The uncertainty over the American election is forcing people to move money away from the USA, hence into Aus. He see's more interest rate rises in Aus next year and thinks the best window of opportunity in the near term is between November (post US election) and February2005. In his opinion the Australian economy is "too strong".
Our opinion is that this money we keep us in rent and food for at least one year or more if were careful and hopefully by then we can cash-in the other 2/3rds of our money.
Hope this helps anyone else suffering over the dilemma of changing money like us.
All the best,
65KK
I don't know the answer to this one, but with the situation described above you might want to investigate a bit more.
If you hold an asset for more than 12 months you get a 50% discount on the CGT. I'm not sure if this applies to cash.
Anyone out there know?
Note: for ATO purposes you start owning the asset on the day you arrived, not the day you acquired it in the UK.
Regards
Alistair
Oct 8th 2004, 12:23 pm
#70
Just Joined
Joined: Apr 2004
Posts: 15
Re: exchange rates
[QUOTE=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.
QUOTE]
HIFX - NOT professional at all, dealing with them I lost thousands
QUOTE]
HIFX - NOT professional at all, dealing with them I lost thousands
Last edited by letsg2au; Oct 8th 2004 at 12:25 pm.
Oct 8th 2004, 12:44 pm
#71
Forum Regular
Joined: May 2003
Posts: 240
Re: exchange rates
[QUOTE=letsg2au]
Go on tell us your story.
Originally Posted by 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.
QUOTE]
HIFX - NOT professional at all, dealing with them I lost thousands
QUOTE]
HIFX - NOT professional at all, dealing with them I lost thousands
Oct 8th 2004, 5:23 pm
#72
BE Enthusiast
Joined: Jan 2004
Location: Hillarys, WA
Posts: 334
Re: exchange rates
Originally Posted by Jacko1
Now I know I said stay cool, but just spoke to a money man who says that in their opinion the AUD$ will strengthen even more after the election!
Sorry folks
But as I said you can't do much about it
PJ
Sorry folks
But as I said you can't do much about it
PJ
Oct 9th 2004, 7:50 am
#73
Go dogs!
Joined: Oct 2003
Location: Sunny Sunbury, Victoria
Posts: 177
Re: exchange rates
Originally Posted by steveyp
The pound is up today just not as musch as the AUD hence losses against AUD, I would say from the range of trading today high 2.4627 and low 2.4371 that there is lots of speculation in the market. AUD looked well down today until the London and US markets opened. I am hanging in there for a turn around... 2.50 and I will be happy
TBEB
Oct 9th 2004, 1:34 pm
#74
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: exchange rates
It's not CGT that is payable on non-A$ currency exchange gains any more ... this was superseded by the new forex tax provisions that were introduced during the last (2003/04) tax year.
Best regards.
Best regards.
Originally Posted by 65 million
Thanks Alistair,
Out of interest if you do end up paying capital gains tax on your savings due to an improved exchange rate what percentage of that do they grab?
Out of interest if you do end up paying capital gains tax on your savings due to an improved exchange rate what percentage of that do they grab?
Oct 9th 2004, 1:52 pm
#75
Joined: Feb 2004
Posts: 1,277
Re: exchange rates
Originally Posted by Alan Collett
It's not CGT that is payable on non-A$ currency exchange gains any more ... this was superseded by the new forex tax provisions that were introduced during the last (2003/04) tax year.
Best regards.
Best regards.
I guess that answers my last question; that is, one doesn't get the 50% CGT discount after 12 months.
Regards
Alistair