Should We Stay or Should We Go?
Nov 27th 2010, 9:47 pm
#1
Da bing bing!
Thread Starter
Joined: Nov 2007
Location: Kreissknows!!!
Posts: 2,202
Should We Stay or Should We Go?
This old chestnut again!!! 
It's typical isn't it? We finally get the kids visa situation sorted out & now due to the exchange rate, we're pretty certain that we don't want to move any of our savings over just yet. I put a thread up a few weeks back, asking if anyone had used any financial advisors that they would recommend & it got zero replies!
So, can I ask, what have other people done about this dilemma? I'm getting rather frantic - we literally only have a couple of weeks in which to make a decision about whether we move in the New Year or not & despite scouring this forum over the last few weeks, I've not been able to find any threads that can point us in the direction of any financial advisors!
Help! Please!
It's typical isn't it? We finally get the kids visa situation sorted out & now due to the exchange rate, we're pretty certain that we don't want to move any of our savings over just yet. I put a thread up a few weeks back, asking if anyone had used any financial advisors that they would recommend & it got zero replies!
So, can I ask, what have other people done about this dilemma? I'm getting rather frantic - we literally only have a couple of weeks in which to make a decision about whether we move in the New Year or not & despite scouring this forum over the last few weeks, I've not been able to find any threads that can point us in the direction of any financial advisors!
Help! Please!
Nov 27th 2010, 10:03 pm
#2
BE Forum Addict
Joined: Feb 2008
Location: Hope Island, Gold Coast
Posts: 1,920
Re: Should We Stay or Should We Go?
This old chestnut again!!!
It's typical isn't it? We finally get the kids visa situation sorted out & now due to the exchange rate, we're pretty certain that we don't want to move any of our savings over just yet. I put a thread up a few weeks back, asking if anyone had used any financial advisors that they would recommend & it got zero replies!
So, can I ask, what have other people done about this dilemma? I'm getting rather frantic - we literally only have a couple of weeks in which to make a decision about whether we move in the New Year or not & despite scouring this forum over the last few weeks, I've not been able to find any threads that can point us in the direction of any financial advisors!
Help! Please!
It's typical isn't it? We finally get the kids visa situation sorted out & now due to the exchange rate, we're pretty certain that we don't want to move any of our savings over just yet. I put a thread up a few weeks back, asking if anyone had used any financial advisors that they would recommend & it got zero replies!
So, can I ask, what have other people done about this dilemma? I'm getting rather frantic - we literally only have a couple of weeks in which to make a decision about whether we move in the New Year or not & despite scouring this forum over the last few weeks, I've not been able to find any threads that can point us in the direction of any financial advisors!
Help! Please!
Once you're earning AUD you can be self sufficient here and move it later if you choose to, unless you're intent on buying a house immediately, and again there are pro's & cons to doing this right now.
You'll find an Independent Financial Adviser here - http://www.unbiased.co.uk/ but I seriously doubt if they'll offer an opinion on this situation it just isn't their area of experience.
Last edited by freebo; Nov 27th 2010 at 10:09 pm.
Nov 27th 2010, 10:08 pm
#3
Da bing bing!
Thread Starter
Joined: Nov 2007
Location: Kreissknows!!!
Posts: 2,202
Re: Should We Stay or Should We Go?
Thanks for replying!
Yes, that's what we're thinking of doing - moving over & not touching our lump sum until the exchange rate improves. It doesn't really matter to us if that takes a couple of years, but we do need to know what happens to our money if we leave it behind & then want to transfer...are we likely to get battered for tax? I'm guessing so, in which case where can we put it? And who can help us - I've searched for financial advisors & got nowhere!
Maybe it's a specialist migrant tax advisor we need, I just don't know. No-one can forsee what's going to happen with the exchange rate & like you say, that really is a personal decision on whether you can wear the rate or not. Thing is, we're getting pressure to decide in the next couple of weeks if we're moving or not in the New Year & we can, if we can find somewhere safe to put our money...
Yes, that's what we're thinking of doing - moving over & not touching our lump sum until the exchange rate improves. It doesn't really matter to us if that takes a couple of years, but we do need to know what happens to our money if we leave it behind & then want to transfer...are we likely to get battered for tax? I'm guessing so, in which case where can we put it? And who can help us - I've searched for financial advisors & got nowhere!
Maybe it's a specialist migrant tax advisor we need, I just don't know. No-one can forsee what's going to happen with the exchange rate & like you say, that really is a personal decision on whether you can wear the rate or not. Thing is, we're getting pressure to decide in the next couple of weeks if we're moving or not in the New Year & we can, if we can find somewhere safe to put our money...
Last edited by JenniGee; Nov 27th 2010 at 10:12 pm.
Nov 27th 2010, 10:12 pm
#4
Account Closed
Joined: Jul 2006
Posts: 14,188
Re: Should We Stay or Should We Go?
Thanks for replying!
Yes, that's what we're thinking of doing - moving over & not touching our lump sum until the exchange rate improves. It doesn't really matter to us if that takes a couple of years, but we do need to know what happens to our money if we leave it behind & then want to transfer...are we likely to get battered for tax? I'm guessing so, in which case where can we put it? And who can help us - I've searched for financial advisors & got nowhere!
Yes, that's what we're thinking of doing - moving over & not touching our lump sum until the exchange rate improves. It doesn't really matter to us if that takes a couple of years, but we do need to know what happens to our money if we leave it behind & then want to transfer...are we likely to get battered for tax? I'm guessing so, in which case where can we put it? And who can help us - I've searched for financial advisors & got nowhere!
Nov 27th 2010, 10:14 pm
#5
Da bing bing!
Thread Starter
Joined: Nov 2007
Location: Kreissknows!!!
Posts: 2,202
Re: Should We Stay or Should We Go?
Then we stay in rented, it's no big deal 
No, that's a bit flippant, but there may come a point where house prices drop to a point where the numbers add up for us, or we may get an opportunity to exchange part of the money to buy land...who knows, we can be flexible, but the main thing is to get to Oz & start living our lives the way we wanted...but we just at least need to know we won;t lose a huge amount of our savings in tax.
No, that's a bit flippant, but there may come a point where house prices drop to a point where the numbers add up for us, or we may get an opportunity to exchange part of the money to buy land...who knows, we can be flexible, but the main thing is to get to Oz & start living our lives the way we wanted...but we just at least need to know we won;t lose a huge amount of our savings in tax.
Last edited by JenniGee; Nov 27th 2010 at 10:16 pm.
Nov 27th 2010, 10:32 pm
#6
BE Forum Addict
Joined: Feb 2008
Location: Hope Island, Gold Coast
Posts: 1,920
Re: Should We Stay or Should We Go?
Maybe it will, maybe it won't - but never is a long time - there is no perfect answer, everyone has to make their own decisions.
On the tax side I've read on here that any gain does attract tax and also that it doesn't, so I'm not sure myself but I'm remember one of the guys on here spoke to the ATO an in their case they where not liable, either way a gain is still a gain, even if you have to pay tax on it. Its been discussed a lot, do a search for tax and exchange rate on this forum maybe?
On the tax side I've read on here that any gain does attract tax and also that it doesn't, so I'm not sure myself but I'm remember one of the guys on here spoke to the ATO an in their case they where not liable, either way a gain is still a gain, even if you have to pay tax on it. Its been discussed a lot, do a search for tax and exchange rate on this forum maybe?
Nov 27th 2010, 10:34 pm
#7
BE Forum Addict
Joined: Feb 2008
Location: Hope Island, Gold Coast
Posts: 1,920
Re: Should We Stay or Should We Go?
Then we stay in rented, it's no big deal
No, that's a bit flippant, but there may come a point where house prices drop to a point where the numbers add up for us, or we may get an opportunity to exchange part of the money to buy land...who knows, we can be flexible, but the main thing is to get to Oz & start living our lives the way we wanted...but we just at least need to know we won;t lose a huge amount of our savings in tax.
No, that's a bit flippant, but there may come a point where house prices drop to a point where the numbers add up for us, or we may get an opportunity to exchange part of the money to buy land...who knows, we can be flexible, but the main thing is to get to Oz & start living our lives the way we wanted...but we just at least need to know we won;t lose a huge amount of our savings in tax.
Nov 27th 2010, 10:46 pm
#8
Lost in BE Cyberspace
Joined: Feb 2009
Location: UK
Posts: 14,284
Re: Should We Stay or Should We Go?
Wow Jenni I did not think I would see you asking that question after your trials and tribulations getting the visa.
I really don't know whether you should stay or go, I was never one that bought into my whole life is going to be fantabulous if I move and I must did it at whatever cost brigade. I always assume that my standard of living will be much the same in either country and there is a nice balance of pros and cons in both countries too.
Obviously we have just made the move too and have faced your dilemma. We decided to wait and see, to move to Australia with enough to get set up but now we live on our Australian income and are just leaving the UK savings and house alone. Probably we will do this for another couple of years.
If the FX rate does not improve in the next few years then we will just have to make the decision as to whether we just accept the rate as it is and sell up and move money over here so we can buy a house in Australia. If we decide this is for good then probably we will just accept that we were not as fortunate as people who moved ten years ago, but it isn't like we actually lost anything. We never had it.
If we are not sure if we want to stay in Australia for good and the rate is bad, then we would probably leave our UK money where it is until we are sure.
If the rate does improve, like Freebo I am not sure on tax situation. Reading the rules to the letter it seems like tax would be liable on the gain and in tax terms this makes sense. However I have also read threads that state that Australia would no tax people in such circumstances as they are glad to see new money coming into the economy. I don't know which is true, but eitehr way, it is tax on a gain. At least it would mean there has been a gain.
Good luck with your decisions.
I really don't know whether you should stay or go, I was never one that bought into my whole life is going to be fantabulous if I move and I must did it at whatever cost brigade. I always assume that my standard of living will be much the same in either country and there is a nice balance of pros and cons in both countries too.
Obviously we have just made the move too and have faced your dilemma. We decided to wait and see, to move to Australia with enough to get set up but now we live on our Australian income and are just leaving the UK savings and house alone. Probably we will do this for another couple of years.
If the FX rate does not improve in the next few years then we will just have to make the decision as to whether we just accept the rate as it is and sell up and move money over here so we can buy a house in Australia. If we decide this is for good then probably we will just accept that we were not as fortunate as people who moved ten years ago, but it isn't like we actually lost anything. We never had it.
If we are not sure if we want to stay in Australia for good and the rate is bad, then we would probably leave our UK money where it is until we are sure.
If the rate does improve, like Freebo I am not sure on tax situation. Reading the rules to the letter it seems like tax would be liable on the gain and in tax terms this makes sense. However I have also read threads that state that Australia would no tax people in such circumstances as they are glad to see new money coming into the economy. I don't know which is true, but eitehr way, it is tax on a gain. At least it would mean there has been a gain.
Good luck with your decisions.
Nov 27th 2010, 10:50 pm
#9
BE Enthusiast
Joined: Jul 2007
Posts: 948
Re: Should We Stay or Should We Go?
So are you trying to decide if to leave england for aus, or to leave aus for england? or just moving your money.
I couldnt quite figure out what you were doing from your first post
I couldnt quite figure out what you were doing from your first post
Nov 27th 2010, 11:08 pm
#11
Account Closed
Joined: Jul 2006
Posts: 14,188
Re: Should We Stay or Should We Go?
On the tax side I've read on here that any gain does attract tax and also that it doesn't, so I'm not sure myself but I'm remember one of the guys on here spoke to the ATO an in their case they where not liable, either way a gain is still a gain, even if you have to pay tax on it. Its been discussed a lot, do a search for tax and exchange rate on this forum maybe?
Nov 27th 2010, 11:12 pm
#12
BE Forum Addict
Joined: Dec 2006
Location: Mt Martha, Melbourne
Posts: 1,199
Re: Should We Stay or Should We Go?
Hi
As long as the money is from your house sale then I don't think you get taxed on it - other than on your interest from your UK account...:rofl - that's if you are getting any interest!
One thing I would say is that if you intend leaving the money in the UK then make sure you get it into a good account before you leave. Once you have left you have to use off-shore accounts and they are a bit of a pain to set up. The second thing is make sure the money is easily transferred if you need it in a hurry, some savings accounts you have to move into another account before being able to transfer it.
Set up protocols with the people looking after your money so you have things in place if you want to transfer a huge lump in one hit. We got caught by this 10k a day limit and the bank kept saying "if you could come in person and sign this.... ha ha".
If you need a guy who know's his tax migrant stuff then contact Alan Collett at Go Matilda.
Good luck with your decision but I'd also agree if your family is able to get a job fairly soon and you can live off that then go for it. To be honest unless you really know the area in which you are heading for then buying a house straight away isn't always a good idea. It costs a small fortune to move here so I'd support renting for a while anyway to get to know areas and houses, Aussie houses are very different to UK ones and there are lots of things you need to take into consideration before buying especially as the exchange rate is so bad as you want to buy wisely with less money now!
KK
As long as the money is from your house sale then I don't think you get taxed on it - other than on your interest from your UK account...:rofl - that's if you are getting any interest!
One thing I would say is that if you intend leaving the money in the UK then make sure you get it into a good account before you leave. Once you have left you have to use off-shore accounts and they are a bit of a pain to set up. The second thing is make sure the money is easily transferred if you need it in a hurry, some savings accounts you have to move into another account before being able to transfer it.
Set up protocols with the people looking after your money so you have things in place if you want to transfer a huge lump in one hit. We got caught by this 10k a day limit and the bank kept saying "if you could come in person and sign this.... ha ha".
If you need a guy who know's his tax migrant stuff then contact Alan Collett at Go Matilda.
Good luck with your decision but I'd also agree if your family is able to get a job fairly soon and you can live off that then go for it. To be honest unless you really know the area in which you are heading for then buying a house straight away isn't always a good idea. It costs a small fortune to move here so I'd support renting for a while anyway to get to know areas and houses, Aussie houses are very different to UK ones and there are lots of things you need to take into consideration before buying especially as the exchange rate is so bad as you want to buy wisely with less money now!
KK
Nov 27th 2010, 11:16 pm
#13
BE Forum Addict
Joined: Feb 2008
Location: Hope Island, Gold Coast
Posts: 1,920
Re: Should We Stay or Should We Go?
No one mentioned 2.50/1, just that it may or may not improve from where it is today.
Nov 27th 2010, 11:20 pm
#14
BE Forum Addict
Joined: Feb 2008
Location: Hope Island, Gold Coast
Posts: 1,920
Re: Should We Stay or Should We Go?
One other thing to remember is the UK govt guarantee on mank accounts with any single banking group (not individual bank) is currently 60k - rising to 83k on 1/1/2011, the groups are...
LLOYDS BANKING GROUP
Lloyds TSB Bank
AA Savings
Bank of Scotland / HBOS
Birmingham Midshires
Capital Bank
Cheltenham & Gloucester Savings
Halifax
Intelligent Finance
Saga
SANTANDAR GROUP
Santandar bank
Abbey National
Asda Savings
Alliance and Leicester
Bradford and Bingley
Cahoot
Moneyback
Honycomb
Nationwide Building Society (Group)
Nationwide Building Society
Cheshire Building Society
Derbyshire Building Society
Dunfermline Building Society
BARCLAYS GROUP
Barclays Bank
Standardlife Bank
HSBC GROUP
HSBC Bank
First Direct
Marks and Spencer Financial
ALLIED IRISH GROUP
Allied Irish Bank
First Trust
CITI GROUP
Citibank
Egg
CO-OPERATIVE GROUP
Co-operative Bank
Britannia
Smile
Unity Trust Bank
RBS Group
Royal Bank of Scotland
Nat West Bank
Direct Line Savings
Lombard
The One Account
Drummonds
Ulster Bank
LLOYDS BANKING GROUP
Lloyds TSB Bank
AA Savings
Bank of Scotland / HBOS
Birmingham Midshires
Capital Bank
Cheltenham & Gloucester Savings
Halifax
Intelligent Finance
Saga
SANTANDAR GROUP
Santandar bank
Abbey National
Asda Savings
Alliance and Leicester
Bradford and Bingley
Cahoot
Moneyback
Honycomb
Nationwide Building Society (Group)
Nationwide Building Society
Cheshire Building Society
Derbyshire Building Society
Dunfermline Building Society
BARCLAYS GROUP
Barclays Bank
Standardlife Bank
HSBC GROUP
HSBC Bank
First Direct
Marks and Spencer Financial
ALLIED IRISH GROUP
Allied Irish Bank
First Trust
CITI GROUP
Citibank
Egg
CO-OPERATIVE GROUP
Co-operative Bank
Britannia
Smile
Unity Trust Bank
RBS Group
Royal Bank of Scotland
Nat West Bank
Direct Line Savings
Lombard
The One Account
Drummonds
Ulster Bank