Financial aspects of move from 457 to PR
Sep 6th 2008, 11:19 pm
#1
Caroline
Thread Starter
Joined: Aug 2001
Location: Huntsman city
Posts: 195
Financial aspects of move from 457 to PR
I'm on a 457 visa and my employer will sponsor me for PR. I'm not sure if I want to stay in Australia in the very long term, but would prefer PR for the next few years due to the greater security it offers. I'm too old to wait as I've just passed the age limit for PR and need to be a 'special case' as it is.
I am renting my house out in the UK, reasonably trouble free but not profitably. I'd like to keep my UK house for a while as I'd probably struggle to sell it and don't want to buy yet in Brissie. Houses in Brissie are v expensive and I'm hoping they'll go down....
Can anyone recommend a Brisbane based financial advisor to help me understand financial implications of the visa change - I know about loss of LAFHA, but would like to understand about impact on British investments, including UK pensions. They need to be across both British and Oz finance.
Also has anyone moved from 457 to PR in a position to offer me advice/hints and tips? I'd be grateful for any advice. Many thanks
I am renting my house out in the UK, reasonably trouble free but not profitably. I'd like to keep my UK house for a while as I'd probably struggle to sell it and don't want to buy yet in Brissie. Houses in Brissie are v expensive and I'm hoping they'll go down....
Can anyone recommend a Brisbane based financial advisor to help me understand financial implications of the visa change - I know about loss of LAFHA, but would like to understand about impact on British investments, including UK pensions. They need to be across both British and Oz finance.
Also has anyone moved from 457 to PR in a position to offer me advice/hints and tips? I'd be grateful for any advice. Many thanks
Sep 8th 2008, 1:16 pm
#2
BE Enthusiast
Joined: Jan 2007
Location: Perth, WA
Posts: 365
Re: Financial aspects of move from 457 to PR
I'm on a 457 visa and my employer will sponsor me for PR. I'm not sure if I want to stay in Australia in the very long term, but would prefer PR for the next few years due to the greater security it offers. I'm too old to wait as I've just passed the age limit for PR and need to be a 'special case' as it is.
I am renting my house out in the UK, reasonably trouble free but not profitably. I'd like to keep my UK house for a while as I'd probably struggle to sell it and don't want to buy yet in Brissie. Houses in Brissie are v expensive and I'm hoping they'll go down....
Can anyone recommend a Brisbane based financial advisor to help me understand financial implications of the visa change - I know about loss of LAFHA, but would like to understand about impact on British investments, including UK pensions. They need to be across both British and Oz finance.
Also has anyone moved from 457 to PR in a position to offer me advice/hints and tips? I'd be grateful for any advice. Many thanks
I am renting my house out in the UK, reasonably trouble free but not profitably. I'd like to keep my UK house for a while as I'd probably struggle to sell it and don't want to buy yet in Brissie. Houses in Brissie are v expensive and I'm hoping they'll go down....
Can anyone recommend a Brisbane based financial advisor to help me understand financial implications of the visa change - I know about loss of LAFHA, but would like to understand about impact on British investments, including UK pensions. They need to be across both British and Oz finance.
Also has anyone moved from 457 to PR in a position to offer me advice/hints and tips? I'd be grateful for any advice. Many thanks
One thing to bear in mind is that as prov visa holders you pay tax in whichever country the money is earned, e.g. you pay tax in the UK on your UK rental income and tax in Oz on your Oz earnings. If you move your money offshore (e.g. Jersey) whilst temp residents in Oz, you pay no tax on the interest in Oz or the UK until you become an Oz resident.
Whether or not its worth moving your pension to Oz depends on a few factors. Personally I'm keeping my Civil Service pension as it's index linked, but I will have to pay income tax in Oz when I draw on it (or I could pay tax in the UK and deduct it from my Oz tax).
It's fairly complicated but I managed to find most of my answers by researching on the net.....and asking financial advisors in the UK.
