markallard

We leave for Oz on 4th December and sell our house on 5th. The exchange rate is dire at the moment but I've read a few articles on the forum saying that I can't keep my money in the UK to wait for a better rate unless I want to make donations to the Aussie Government?

Surely when we transfer our money it is at our own discretion when we choose to make the 'full commit'?

Supposing the equity from the house is donated to parents, for example, for a period of time and then donated back?

Is there a time frame considered reasonable to wait before the transfer. Or are we better off just cutting our losses and getting inot dollars ASAP?

I'm sure I've a million and one questions on the same subject, but any advice will be gratefully received!

Thanks in advance!

WBB

i am no expert on the tax implication's but i think you have 12 months to "commit" your money to oz or be prepared to donate to the goverment.

hopefully the exchange rate will pick up a bit before then.

JaneandJim

You only pay tax on any gain you make on the exchange rate, so even if you are donating to the government, you're still making something for yourself. And if the exchange rate goes down even further when you transfer the money, you can offset the loss against your other tax liabilities. If you keep the money in the UK for longer than 12 months then you're only liable to tax on 50 of any gain.

Jane