I apologise but another money question.
Apr 20th 2008, 8:51 pm
#1
Forum Regular
Thread Starter
Joined: Jan 2007
Posts: 63
I apologise but another money question.
We're hopefully moving to Oz next year but still have an endowment going from our first property. It will mature in 8 years and should be about £50K. Will it be worth continueing paying it and get the full amout or will it be worth cutting our loses and getting it out now? The reason i ask is that i've heard you loose 40% in tax if you bring money into the country after 6 months. Is this true or is there a way around it?
Any advice greatfully accepted.
Any advice greatfully accepted.
Apr 20th 2008, 8:57 pm
#2
Bitter and twisted
Joined: Dec 2003
Location: Upmarket
Posts: 17,503
Re: I apologise but another money question.
We're hopefully moving to Oz next year but still have an endowment going from our first property. It will mature in 8 years and should be about £50K. Will it be worth continueing paying it and get the full amout or will it be worth cutting our loses and getting it out now? The reason i ask is that i've heard you loose 40% in tax if you bring money into the country after 6 months. Is this true or is there a way around it?
Any advice greatfully accepted.
Any advice greatfully accepted.
You will be liable for Australian income tax on the annual growth of an endowment policy.
The ATO will treat it as part of your annual income and tax you accordingly.
There is an allowance for FIFs but you should seek expert advice.
G
Apr 20th 2008, 8:59 pm
#3
Forum Regular
Thread Starter
Joined: Jan 2007
Posts: 63
Re: I apologise but another money question.
Thanks mate but what are FIF's
