Should we buy dollars?
Feb 1st 2007, 8:14 am
#16
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: Should we buy dollars?
Remember that if you are a UK resident and domiciled individual the Australian source interest income is taxable in the UK, albeit with a tax credit available for the 10% withholding tax already suffered ...
Best regards.
Best regards.
Just to add to that, if you don't provide a TFN your bank will automatically deduct NRT (non-resident tax) which is at the rate of 10% (of the interest). Thus for example the 6.7% gross TD would clear 6.03% net after NRT (0.9 x 6.7)/ 6.8% = 6.12% etc. On the other hand, those with TFN's would pay tax at a higher rate than 10% so I wouldn't see not having a TFN as a disadvantage for a non-resident.
As said, get advice, esp for what is potentially just over $0.5 mill. The rate though is good at the present time it must be said compared to the last year or so and you are going to get more $'s probably than those who have moved in 2005 or 2006. Good luck!
OzTennis
As said, get advice, esp for what is potentially just over $0.5 mill. The rate though is good at the present time it must be said compared to the last year or so and you are going to get more $'s probably than those who have moved in 2005 or 2006. Good luck!
OzTennis
Feb 12th 2007, 7:22 pm
#17
BE Enthusiast
Thread Starter
Joined: Apr 2006
Location: Heritage Park, South Brisbane, QLD
Posts: 316
Re: Should we buy dollars?
Hi Again,
I know this topic went dead but..........
Could we open up a bank account in the UK to hold our Aus $? (i.e. with our current bankers, Lloyds or Abbey).
Carol
I know this topic went dead but..........
Could we open up a bank account in the UK to hold our Aus $? (i.e. with our current bankers, Lloyds or Abbey).
Carol
Feb 12th 2007, 7:37 pm
#18
Timelord
Joined: May 2006
Location: Lost in space...
Posts: 2,834
Re: Should we buy dollars?
HTH
Feb 12th 2007, 8:04 pm
#19
Lost in BE Cyberspace
Joined: Mar 2003
Posts: 9,397
Re: Should we buy dollars?
We had US$ and AUS$ accounts (as Currency unit trust funds) with Fidelity: their interest rates were not that much less than the equivalents in the US and Oz.
Feb 12th 2007, 8:24 pm
#20
Timelord
Joined: May 2006
Location: Lost in space...
Posts: 2,834
Re: Should we buy dollars?
Feb 12th 2007, 8:31 pm
#21
Lost in BE Cyberspace
Joined: Mar 2003
Posts: 9,397
Re: Should we buy dollars?
We found them extremely helpful, used them for years. The staff were also of a different calibre to most other fund managers, who tend to employ the "barrow boy" trader types!
