Should We Stay or Should We Go?
Nov 27th 2010, 11:48 pm
#16
Forum Regular
Joined: Feb 2009
Posts: 86
Re: Should We Stay or Should We Go?
Hi there
I went to a financial seminar, by one of the english guy who was in pomsinadelaide. He brought an information sheet provided by one of the bank (commonwealth?) predicted that exxhange rate will not reach 2.50 again in the next five years. The best was only about 1.90 in 2013/2014.
I am also still having my money in the UK bank account. I am now waiting for the rate to reach 1.75/1.80 and will transfer all the money to Australia, and put it into term deposit or high intererest account.
So far, I haven't came accross that you need to pay tax for the money you have abroad. I am not sure how ATO or whoever here will calculate "the gain" from your account abroad.
Regards
I went to a financial seminar, by one of the english guy who was in pomsinadelaide. He brought an information sheet provided by one of the bank (commonwealth?) predicted that exxhange rate will not reach 2.50 again in the next five years. The best was only about 1.90 in 2013/2014.
I am also still having my money in the UK bank account. I am now waiting for the rate to reach 1.75/1.80 and will transfer all the money to Australia, and put it into term deposit or high intererest account.
So far, I haven't came accross that you need to pay tax for the money you have abroad. I am not sure how ATO or whoever here will calculate "the gain" from your account abroad.
Regards
Nov 28th 2010, 12:38 am
#17
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Joined: Nov 2005
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Re: Should We Stay or Should We Go?
Hey honey 
Well I am sorry, but I didn't read anything except the first line of your question, and I haven't read any replies, but my opinion is...and has always been, come because you want to and not because of money.
You can't take it with you, and life is so full of surprises that you just need to live for the here and now.
If you want to come bad enough then you will. That's my advice for what it's worth xxx
Well I am sorry, but I didn't read anything except the first line of your question, and I haven't read any replies, but my opinion is...and has always been, come because you want to and not because of money.
You can't take it with you, and life is so full of surprises that you just need to live for the here and now.
If you want to come bad enough then you will. That's my advice for what it's worth xxx
Nov 28th 2010, 12:42 am
#18
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Joined: Feb 2010
Location: Amongst Melbourne's tall gum trees
Posts: 1,323
Re: Should We Stay or Should We Go?
Hey honey
Well I am sorry, but I didn't read anything except the first line of your question, and I haven't read any replies, but my opinion is...and has always been, come because you want to and not because of money.
You can't take it with you, and life is so full of surprises that you just need to live for the here and now.
If you want to come bad enough then you will. That's my advice for what it's worth xxx
Well I am sorry, but I didn't read anything except the first line of your question, and I haven't read any replies, but my opinion is...and has always been, come because you want to and not because of money.
You can't take it with you, and life is so full of surprises that you just need to live for the here and now.
If you want to come bad enough then you will. That's my advice for what it's worth xxx
I have PM'd you JG
Nov 28th 2010, 12:45 am
#19
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Joined: Nov 2005
Location: Yorkshire - Queensland - NSW
Posts: 843
Re: Should We Stay or Should We Go?
Cannot give you any advice on the financial side but i wanted to wish you luck in your decision 
Nov 28th 2010, 8:34 am
#20
Da bing bing!
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Re: Should We Stay or Should We Go?
Thank you everyone for the replies - it's been helpful
It's not really a question about the rate - gawd knows if that will ever improve & if it doesnt then I guess we will just have to take a judgement about if we need to exchange badly enough to take that hit.
Really what it is (coz maybe I wasn't clear) is that I've heard that as soon as you enter the Ozzie Tax system you become liable for tax on transfers over $250,000AUD.
It's okay to to take the hit one way or the other, but if we get caught twice then we might never be able to afford to access our money unless we move back to the UK
I will definitely get hold of Alan Collet - thank you for that recommendation, I knew he was well regarded in the migration field but had no idea he did financial advice too
It's not really a question about the rate - gawd knows if that will ever improve & if it doesnt then I guess we will just have to take a judgement about if we need to exchange badly enough to take that hit.
Really what it is (coz maybe I wasn't clear) is that I've heard that as soon as you enter the Ozzie Tax system you become liable for tax on transfers over $250,000AUD.
It's okay to to take the hit one way or the other, but if we get caught twice then we might never be able to afford to access our money unless we move back to the UK
I will definitely get hold of Alan Collet - thank you for that recommendation, I knew he was well regarded in the migration field but had no idea he did financial advice too
Nov 28th 2010, 8:42 am
#21
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Joined: Nov 2005
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Re: Should We Stay or Should We Go?
Thank you everyone for the replies - it's been helpful
It's not really a question about the rate - gawd knows if that will ever improve & if it doesnt then I guess we will just have to take a judgement about if we need to exchange badly enough to take that hit.
Really what it is (coz maybe I wasn't clear) is that I've heard that as soon as you enter the Ozzie Tax system you become liable for tax on transfers over $250,000AUD.
It's okay to to take the hit one way or the other, but if we get caught twice then we might never be able to afford to access our money unless we move back to the UK
I will definitely get hold of Alan Collet - thank you for that recommendation, I knew he was well regarded in the migration field but had no idea he did financial advice too
It's not really a question about the rate - gawd knows if that will ever improve & if it doesnt then I guess we will just have to take a judgement about if we need to exchange badly enough to take that hit.
Really what it is (coz maybe I wasn't clear) is that I've heard that as soon as you enter the Ozzie Tax system you become liable for tax on transfers over $250,000AUD.
It's okay to to take the hit one way or the other, but if we get caught twice then we might never be able to afford to access our money unless we move back to the UK
I will definitely get hold of Alan Collet - thank you for that recommendation, I knew he was well regarded in the migration field but had no idea he did financial advice too
Not that I would know for sure 
It seems wrong to me, but definitely give Alan a call!
Nov 28th 2010, 9:23 am
#22
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Joined: Apr 2005
Location: Western burbs, Melbourne
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Re: Should We Stay or Should We Go?
We sold our house after we had been in Aus some years and had finally got PR - and transferred over 250k. No-one asked us for tax and it went to a bona fide bank, which are usually hot on meeting their legal obligations.
Nov 28th 2010, 9:30 am
#23
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Re: Should We Stay or Should We Go?
Hi Pomster - thanks for your reply
Yes, if the money is proceeds from your primary residence in the UK then you are right, it does not attract tax in the same way. However, not all of our money is proceeds from our house & so it's a bit difficult to find advice or other people who have had similar experiences, though I know they should be out there somewhere...
I hear Danii Minogue is on her way back to Oz, maybe I should ask her
Yes, if the money is proceeds from your primary residence in the UK then you are right, it does not attract tax in the same way. However, not all of our money is proceeds from our house & so it's a bit difficult to find advice or other people who have had similar experiences, though I know they should be out there somewhere...
I hear Danii Minogue is on her way back to Oz, maybe I should ask her
