bingobob777

Any ideas on how to invest proceeds of house sale left in UK when moving to Australia? Seems like I won't be able to open ISA's and return on fixed rate savings accounts is pretty miserable.

Don't fancy or need to exchange money just now, so need ideas.

Fluid36

Don't tell your bank you are moving and invest in shares, just maintain your Uk address.

Grayling

....but remember to tell the Australian tax office

Swerv-o

You can get up to £30k worth of Premium Bonds.


S

Fluid36

Why? - you are getting taxed in the UK on this, nothing to do with the ATO.

Grayling

Australian residents are taxed on their WORLDWIDE income......that includes overseas investments.

The only exception is for those on some temporary visas

Lisa and Martin

You could look at ZOPA lending...

http://uk.zopa.com/ZopaWeb/public/le...g-at-zopa.html

Still some risk but you can choose the level you accept.

Amazulu

Which is what we have done. We got a GBP1.5k 'prize' in December.

Swerv-o

Cool. I am having trouble transferring my trust bonds out of my parents name - it should have been done when I was 16, not when I am 38!


S

Fluid36

Yeah but you're already taxed in the UK on earnings for shares and there is no way the ATO have any way of finding out about this so why would you tell them?

johnnye

you've still got to declare it as your world wide income.

johnnye

"Why would you tell them?"

Because it's illegal not to do so.

Swerv-o

I think the reality is that most people don't, however the penalties for tax evasion and the investigatory powers of the tax authorities in Australia are an order of magnitude more severe than in the UK.


S

lonndongeek

Because not telling them is tax evasion. This is not to be confused with the Australian national sport of tax avoidance.

Cheers

Steve

Grayling

I have just got a $10000 tax bill......for my overseas income