migrating to Oz - tax on offshore investments
May 26th 2004, 9:07 pm
#16
Central Coasties, NSW!
Joined: Apr 2004
Location: Central Coast, NSW
Posts: 155
Re Pensions
Hiya
There's some good advice here and interesting stuff to think about. The thread I started on "Has any used Montfort International,Financial Consultants???" has delivered some good & interesting results on this area as well. A lot of Financial Advisers monitor these forums so I understand!
I have three pensions..one good 10yr thats frozen til retirement and two/ three small ones with very small funds in each each..jumped jobs a few times! So I'm in a dilemma as well!???
May do it all myself now after what I've read here.
There's some good advice here and interesting stuff to think about. The thread I started on "Has any used Montfort International,Financial Consultants???" has delivered some good & interesting results on this area as well. A lot of Financial Advisers monitor these forums so I understand!
I have three pensions..one good 10yr thats frozen til retirement and two/ three small ones with very small funds in each each..jumped jobs a few times! So I'm in a dilemma as well!???
May do it all myself now after what I've read here.
May 26th 2004, 9:12 pm
#17
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: Re Pensions
Wow - that's an old thread!
You say that you may do it all yourself. I think it probable that you'll need some professional advice at some stage in the process (if indeed it is appropriate to do anything). The questions is when - and who to use?
Best regards.
You say that you may do it all yourself. I think it probable that you'll need some professional advice at some stage in the process (if indeed it is appropriate to do anything). The questions is when - and who to use?
Best regards.
Originally posted by GillettFamily
Hiya
There's some good advice here and interesting stuff to think about. The thread I started on "Has any used Montfort International,Financial Consultants???" has delivered some good & interesting results on this area as well. A lot of Financial Advisers monitor these forums so I understand!
I have three pensions..one good 10yr thats frozen til retirement and two/ three small ones with very small funds in each each..jumped jobs a few times! So I'm in a dilemma as well!???
May do it all myself now after what I've read here.
Hiya
There's some good advice here and interesting stuff to think about. The thread I started on "Has any used Montfort International,Financial Consultants???" has delivered some good & interesting results on this area as well. A lot of Financial Advisers monitor these forums so I understand!
I have three pensions..one good 10yr thats frozen til retirement and two/ three small ones with very small funds in each each..jumped jobs a few times! So I'm in a dilemma as well!???
May do it all myself now after what I've read here.
May 26th 2004, 11:55 pm
#18
Banned
Joined: Dec 2003
Posts: 150
Re: Re Pensions
Originally posted by Alan Collett
Wow - that's an old thread!
You say that you may do it all yourself. I think it probable that you'll need some professional advice at some stage in the process (if indeed it is appropriate to do anything). The questions is when - and who to use?
Best regards.
Wow - that's an old thread!
You say that you may do it all yourself. I think it probable that you'll need some professional advice at some stage in the process (if indeed it is appropriate to do anything). The questions is when - and who to use?
Best regards.
Let me warn you only to accept what you are told if you get the same answer from at least two out of three because on some issues they are not consistent and you will find know no more than you - and probably less if you have been researching things. Don't forget they are trying to take money from you.
Regards
May 27th 2004, 12:12 am
#19
Class 2 Guru
Joined: May 2004
Location: Where the stars look very diff-e-rent today... and tomorrow!
Posts: 1,124
Re: Re Pensions
What about cash ISAs? They're tax-free here but if I don't get round to closing them before going, then what? (Not that it takes very long, just a stroll to the high street, but you know how rushed things can be at the last minute...)
On a related topic, and no doubt this is one for an expert, at what point do I have to come under the Oz tax regime in general? Does it have to be the moment I enter the country for good? Can I delay it for 6 months? Or what?
Mark
On a related topic, and no doubt this is one for an expert, at what point do I have to come under the Oz tax regime in general? Does it have to be the moment I enter the country for good? Can I delay it for 6 months? Or what?
Mark
May 27th 2004, 12:42 am
#20
BE Enthusiast
Joined: Jun 2003
Location: Melbourne, Victoria
Posts: 524
Avoidance versus evasion
Reading from the beginning of the thread, one of the early comments states that "tax avoidance is basically illegal". This is not true. Tax avoidance is legal. Tax evasion is illegal. There is a difference despite the UK government trying to blur the distinction and most people not understanding the difference.
As an example of avoidance, the UK Inland Revenue sold all our tax offices to a company based in Bahamas, then claimed we got a good deal because they wouldn't have to pay VAT on the rent.
What's sauce for the goose is sauce for the gander. Cheers.
As an example of avoidance, the UK Inland Revenue sold all our tax offices to a company based in Bahamas, then claimed we got a good deal because they wouldn't have to pay VAT on the rent.
What's sauce for the goose is sauce for the gander. Cheers.
Last edited by ossigeno; May 28th 2004 at 12:14 am.
May 27th 2004, 12:49 am
#21
Class 2 Guru
Joined: May 2004
Location: Where the stars look very diff-e-rent today... and tomorrow!
Posts: 1,124
Re: Re Pensions
Originally posted by MarkMyWords
... at what point do I have to come under the Oz tax regime in general? Does it have to be the moment I enter the country for good? Can I delay it for 6 months? Or what?
... at what point do I have to come under the Oz tax regime in general? Does it have to be the moment I enter the country for good? Can I delay it for 6 months? Or what?
Mark
May 27th 2004, 12:18 pm
#22
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: Re Pensions
On that basis I'll stop answering questions then ... :-))
Best regards.
Best regards.
Originally posted by jumbo
I strongly advocate doing it yourself. Getting understanding of the issues is not difficult these days with the internet. I have tested my understanding by asking questions of advisers on the net.
Let me warn you only to accept what you are told if you get the same answer from at least two out of three because on some issues they are not consistent and you will find know no more than you - and probably less if you have been researching things. Don't forget they are trying to take money from you.
Regards
I strongly advocate doing it yourself. Getting understanding of the issues is not difficult these days with the internet. I have tested my understanding by asking questions of advisers on the net.
Let me warn you only to accept what you are told if you get the same answer from at least two out of three because on some issues they are not consistent and you will find know no more than you - and probably less if you have been researching things. Don't forget they are trying to take money from you.
Regards
May 27th 2004, 9:30 pm
#23
BE Forum Addict
Joined: Oct 2003
Location: Coogee, Sydney
Posts: 1,017
Re: Re Pensions
Originally posted by jumbo
I strongly advocate doing it yourself. Getting understanding of the issues is not difficult these days with the internet. I have tested my understanding by asking questions of advisers on the net.
Let me warn you only to accept what you are told if you get the same answer from at least two out of three because on some issues they are not consistent and you will find know no more than you - and probably less if you have been researching things. Don't forget they are trying to take money from you.
Regards
I strongly advocate doing it yourself. Getting understanding of the issues is not difficult these days with the internet. I have tested my understanding by asking questions of advisers on the net.
Let me warn you only to accept what you are told if you get the same answer from at least two out of three because on some issues they are not consistent and you will find know no more than you - and probably less if you have been researching things. Don't forget they are trying to take money from you.
Regards
Sounds to me like you need to find a good accountant not just any old tosh financial adviser you may come across on the internet - then you might get the right answer
May 27th 2004, 11:05 pm
#24
Banned
Joined: Dec 2003
Posts: 150
Re: Re Pensions
Originally posted by sjn2003
Sounds to me like you need to find a good accountant not just any old tosh financial adviser you may come across on the internet - then you might get the right answer
Sounds to me like you need to find a good accountant not just any old tosh financial adviser you may come across on the internet - then you might get the right answer
When I ask a question, I believe I know the answer through my research, so use the adviser to test this.
As I said before supposedly well respected accountants/planners/advisers are not consistent in answers and clearly some do not know the answers.
Regards
May 28th 2004, 5:21 am
#25
Happy Daddy
Joined: Aug 2003
Location: Dodgey West Midlands , UK
Posts: 1,312
Re: Re Pensions
Originally posted by MarkMyWords
I should make it clear that I'm not trying to avoid/evade tax; it's more to do with when I (have to) transfer from my UK office to Oz; it's an HR thing. Obviously I would continue to pay UK tax until I transfer.
Mark
I should make it clear that I'm not trying to avoid/evade tax; it's more to do with when I (have to) transfer from my UK office to Oz; it's an HR thing. Obviously I would continue to pay UK tax until I transfer.
Mark
I'm all for tax avoidance, otherwise why do most people has ISA's
The question about pensions is the biggest one that there havn't been many people comment upon there experiences with emigration to Oz. Did they leave it all in the UK?
Bye
Mark
May 28th 2004, 8:07 am
#26
Happy Daddy
Joined: Aug 2003
Location: Dodgey West Midlands , UK
Posts: 1,312
Re: Re Pensions
bump
May 28th 2004, 8:30 am
#27
Bitter and twisted
Joined: Dec 2003
Location: Upmarket
Posts: 17,503
Re: Re Pensions
Originally posted by markeh
Mark,
I'm all for tax avoidance, otherwise why do most people has ISA's
The question about pensions is the biggest one that there havn't been many people comment upon there experiences with emigration to Oz. Did they leave it all in the UK?
Bye
Mark
Mark,
I'm all for tax avoidance, otherwise why do most people has ISA's
The question about pensions is the biggest one that there havn't been many people comment upon there experiences with emigration to Oz. Did they leave it all in the UK?
Bye
Mark
On this general discussion. I do believe that there is a tax free limit of about $50000 which you can leave in an overseas investment.
This would cover my remaining endowment but I am not sure about it. That is why I will take expert advice before I move over as a PR.
It may be worth checking out though.
www.ato.gov.au
G
May 28th 2004, 11:01 am
#28
Guest
Posts: n/a
Re: Re Pensions
Originally posted by Grayling
Hi all
On this general discussion. I do believe that there is a tax free limit of about $50000 which you can leave in an overseas investment.
This would cover my remaining endowment but I am not sure about it. That is why I will take expert advice before I move over as a PR.
It may be worth checking out though.
www.ato.gov.au
G
Hi all
On this general discussion. I do believe that there is a tax free limit of about $50000 which you can leave in an overseas investment.
This would cover my remaining endowment but I am not sure about it. That is why I will take expert advice before I move over as a PR.
It may be worth checking out though.
www.ato.gov.au
G
If you find any more about this please can you PM me - would be really interested to hear about it.
Thanks
Rudi
May 28th 2004, 8:51 pm
#29
Banned
Joined: Dec 2003
Posts: 150
Re: Re Pensions
Originally posted by rudo1ph
If you find any more about this please can you PM me - would be really interested to hear about it.
Thanks
Rudi
If you find any more about this please can you PM me - would be really interested to hear about it.
Thanks
Rudi
May 28th 2004, 9:05 pm
#30
BE Forum Addict
Joined: Jan 2003
Location: Brisbane
Posts: 1,576
Re: Re Pensions
Originally posted by Grayling
Hi all
On this general discussion. I do believe that there is a tax free limit of about $50000 which you can leave in an overseas investment.
Hi all
On this general discussion. I do believe that there is a tax free limit of about $50000 which you can leave in an overseas investment.
I think you are confuseing a question on the Supplementary Tax return that asks you if you have assets of MORE than $50,000 abroard.
I've always answed YES to this and they have never yet querried what I have abroard or where it is. I just declare the income and tax paid abroard. You don't even have to provide doc evidence of what tax you've paid or what income you have recieved. yhey just want a total of foreign income and tax.
