Seeking Accountant recommendation Sydney - UK taxes, property and pensions
#1
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Joined: Jan 2009
Posts: 37
Seeking Accountant recommendation Sydney - UK taxes, property and pensions
Hi all,
I moved to Sydney just over 5 years ago with my wife and kids and have my citizenship ceremony in a couple of weeks which is great, though it has all gone by very quickly given that we were only intending to come out for a couple of years....
I haven't given too much thought to UK pensions and property since moving here but would now like to seek some professional advice.
Can anyone recommend suitable accountants that can advise me relating to selling my UK house ( I've not bought in Australia yet) and also my pensions.
There is Nothing particularly complex or unique about my situation so maybe this is something that most accountants can advise on but would be good to have some recommendations if that is within forum rules.
I am living in the Eastern Suburbs in Sydney. Thank you.
I moved to Sydney just over 5 years ago with my wife and kids and have my citizenship ceremony in a couple of weeks which is great, though it has all gone by very quickly given that we were only intending to come out for a couple of years....
I haven't given too much thought to UK pensions and property since moving here but would now like to seek some professional advice.
Can anyone recommend suitable accountants that can advise me relating to selling my UK house ( I've not bought in Australia yet) and also my pensions.
There is Nothing particularly complex or unique about my situation so maybe this is something that most accountants can advise on but would be good to have some recommendations if that is within forum rules.
I am living in the Eastern Suburbs in Sydney. Thank you.
#2
Re: Seeking Accountant recommendation Sydney - UK taxes, property and pensions
Most accountants would certainly not advise you on pensions! You actually need help from two separate professionals here, an accountant for your property sale and tax and a financial advisor for pension and investments.
Loads of people seem to think that one person could do both jobs, but in fact It would very rare for an accountant to be registered as a financial advisor and as such they are not going to talk pensions with you.
I am an accountant, but not in Australia and don't have any particular recommendations sorry, other than to make sure you take advice from suitably qualified people.
Loads of people seem to think that one person could do both jobs, but in fact It would very rare for an accountant to be registered as a financial advisor and as such they are not going to talk pensions with you.
I am an accountant, but not in Australia and don't have any particular recommendations sorry, other than to make sure you take advice from suitably qualified people.
#3
Re: Seeking Accountant recommendation Sydney - UK taxes, property and pensions
We have a number of clients that move from the UK to Australia and recommend bdhSterling | Australian Services | Accounting and Tax for advice on tax and UK pensions etc. They have offices in Sydney and other parts of Australia. Hope that helps.
#4
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Re: Seeking Accountant recommendation Sydney - UK taxes, property and pensions
Thanks for your helpful responses. Appreciate that. I'm trying to navigate the capital gains tax changes last year and whether they impact me given that I haven't bought a house in Australia yet and still only have my house in the UK - which I think is classified as my main residence still for tax purposes. I'll call up an accountant this week.
The next challenge will then be to afford a house in Sydney! ....
The next challenge will then be to afford a house in Sydney! ....
#5
Re: Seeking Accountant recommendation Sydney - UK taxes, property and pensions
Thanks for your helpful responses. Appreciate that. I'm trying to navigate the capital gains tax changes last year and whether they impact me given that I haven't bought a house in Australia yet and still only have my house in the UK - which I think is classified as my main residence still for tax purposes. I'll call up an accountant this week.
The next challenge will then be to afford a house in Sydney! ....
The next challenge will then be to afford a house in Sydney! ....
#6
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Re: Seeking Accountant recommendation Sydney - UK taxes, property and pensions
Nope, we have been renting it out. It's the only house I own - I never bought when we moved to Australia. From what I have read, for Australian tax purposes I can declare it as my main residence for up to 6 years since moving out and so there isn't any Capital gains tax. For capital gains in the UK, I have seen that things changed from April 2015 that may mean I need to pay CGT on any increase in value since that date, though I'm not certain if tat applies to non-residents
#7
Re: Seeking Accountant recommendation Sydney - UK taxes, property and pensions
Nope, we have been renting it out. It's the only house I own - I never bought when we moved to Australia. From what I have read, for Australian tax purposes I can declare it as my main residence for up to 6 years since moving out and so there isn't any Capital gains tax. For capital gains in the UK, I have seen that things changed from April 2015 that may mean I need to pay CGT on any increase in value since that date, though I'm not certain if tat applies to non-residents
Note that for UK tax purposes, you cannot claim a property is your primary residence if it is rented out. Even if it is the only property you own, it has to be available for you to live in for it to be your primary residence.
So yes there will be some UK CGT implications for you that will need looking into and depending whe you sell and what profit you make, there may well be some CGT to pay to UK. Although CGT is never the hammer blow that people often seem to think it will be.
#8
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Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
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Re: Seeking Accountant recommendation Sydney - UK taxes, property and pensions
Remember also that under UK tax law the last 18 months of ownership of a former main residence is deemed to be a CGT exempt period of ownership.
Best regards.
Best regards.
#9
Just Joined
Joined: Jun 2016
Posts: 1
Re: Seeking Accountant recommendation Sydney - UK taxes, property and pensions
Hi
I use a pension actuary for Australian pension advice and they do my annual tax return. They are Berry Actuarials, Epping and are completely independent but have to purchase advice from Macquarie Bank...they only sell advice but can help form filling etc...
They do not advise on UK stuff but Sterling planners have an Ebook on the subject and seem to be the experts but not used yet.
My problems are lost NI number and private pension that was converted to shares as I had been absent too long to meet residency laws at the time and now this presents me with some thoughts but since I'm still working at 66 I struggle to find the time for these weighty but now increasingly necessary issues
I use a pension actuary for Australian pension advice and they do my annual tax return. They are Berry Actuarials, Epping and are completely independent but have to purchase advice from Macquarie Bank...they only sell advice but can help form filling etc...
They do not advise on UK stuff but Sterling planners have an Ebook on the subject and seem to be the experts but not used yet.
My problems are lost NI number and private pension that was converted to shares as I had been absent too long to meet residency laws at the time and now this presents me with some thoughts but since I'm still working at 66 I struggle to find the time for these weighty but now increasingly necessary issues
#10
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Posts: 37
Re: Seeking Accountant recommendation Sydney - UK taxes, property and pensions
Thank you all for your responses and apologies for my delay in coming back. Brexit came in and smashed a mighty big hammer blow to my plans to sell our UK house and transfer the funds over to Australia so that we could purchase our first house here. Even if I could still get a reasonable amount for my house, the falling exchange rate has put a big dent in things so now I am unlikely to sell for the time being.
That means that I will go beyond this '6 year' period that I have in Australia though it sounds like I get a 50% discount on the CGT impact. It certainly isn't an easy area to navigate so I think it is time to take the plunge and pay for some expert advice! My understanding so far is that:
If I sell my house, I will have to pay CGT on any gains in the UK from the period 01 Apr 2015 since the house was generating income, regardless of whether it is my main residence or not
Under UK tax law the last 18 months of ownership of a former main residence is deemed to be a CGT exempt period of ownership - so maybe that makes the point above irrelevant
Under Australia law, I can declare my UK house as my primary residence since I haven't bought in Australia yet, meaning I have a period of 6 years when it is exempt from CGT. After that period, I get a 50% discount on the CGT owed
I may be completely wrong on all 3 points above!
Thanks again all
That means that I will go beyond this '6 year' period that I have in Australia though it sounds like I get a 50% discount on the CGT impact. It certainly isn't an easy area to navigate so I think it is time to take the plunge and pay for some expert advice! My understanding so far is that:
If I sell my house, I will have to pay CGT on any gains in the UK from the period 01 Apr 2015 since the house was generating income, regardless of whether it is my main residence or not
Under UK tax law the last 18 months of ownership of a former main residence is deemed to be a CGT exempt period of ownership - so maybe that makes the point above irrelevant
Under Australia law, I can declare my UK house as my primary residence since I haven't bought in Australia yet, meaning I have a period of 6 years when it is exempt from CGT. After that period, I get a 50% discount on the CGT owed
I may be completely wrong on all 3 points above!
Thanks again all
#11
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Location: Devon
Posts: 39
Re: Seeking Accountant recommendation Sydney - UK taxes, property and pensions
Feeling your pain. Our Visa granted..YAY, Similar Brexit gutting for us!!! Pound plunged, house on market, but not even a nibble yet!! May have to rent it, which was never the plan! Tax implications, CGT, time limits, all very confusing!
We currently shopping around to try to find some 'sound' and 'straight forward' advice... But are so sceptical!!
Currently waiting to hear back from Go Matilda, company has some good current reviews and I see Alan Collett, manager, uses this forum and seems really knowledgeable and helpful... Fingers crossed, will see how it goes.
We currently shopping around to try to find some 'sound' and 'straight forward' advice... But are so sceptical!!
Currently waiting to hear back from Go Matilda, company has some good current reviews and I see Alan Collett, manager, uses this forum and seems really knowledgeable and helpful... Fingers crossed, will see how it goes.
#12
Re: Seeking Accountant recommendation Sydney - UK taxes, property and pensions
Feeling your pain. Our Visa granted..YAY, Similar Brexit gutting for us!!! Pound plunged, house on market, but not even a nibble yet!! May have to rent it, which was never the plan! Tax implications, CGT, time limits, all very confusing!
We currently shopping around to try to find some 'sound' and 'straight forward' advice... But are so sceptical!!
Currently waiting to hear back from Go Matilda, company has some good current reviews and I see Alan Collett, manager, uses this forum and seems really knowledgeable and helpful... Fingers crossed, will see how it goes.
We currently shopping around to try to find some 'sound' and 'straight forward' advice... But are so sceptical!!
Currently waiting to hear back from Go Matilda, company has some good current reviews and I see Alan Collett, manager, uses this forum and seems really knowledgeable and helpful... Fingers crossed, will see how it goes.
#13
Re: Seeking Accountant recommendation Sydney - UK taxes, property and pensions
Pound vs US dollar last 5 years:
Over $1.70 just over a year ago, mid $1.60's 5 years ago, hovering around $1.30 now (20-25% decline cf start of 2015) - no plunge? Was over A$2, now in $1.70's.
Last edited by OzTennis; Jul 30th 2016 at 9:50 am.
#14
Re: Seeking Accountant recommendation Sydney - UK taxes, property and pensions
This is an Australian thread, what has US$ got to do with it?
Last edited by Bermudashorts; Jul 30th 2016 at 5:00 pm. Reason: Sp
#15
Re: Seeking Accountant recommendation Sydney - UK taxes, property and pensions
'The pound has not plunged it has fallen' and it's 'still higher than it's been for much of the last five or six years'.
GBP = average $2.17424 Sept '15; $1.74712 July '16. Circa 20% fall.
I don't think people factoring in moves presently consider what the E/R has done/was a long time ago but what it's doing presently and what it's likely to do that's all.
GBP = average $2.17424 Sept '15; $1.74712 July '16. Circa 20% fall.
I don't think people factoring in moves presently consider what the E/R has done/was a long time ago but what it's doing presently and what it's likely to do that's all.