Tax Bill Fails in the Senate
Mar 31st 2003, 12:57 pm
#1
Migration Agent
Thread Starter
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Tax Bill Fails in the Senate
The Bill that included the provisions to bring greater tax benefits to those in Australia with temporary visas was read in the Senate last Thursday.
More info here:
http://www.gomatilda.com/news/article.cfm?articleid=264
Best regards.
More info here:
http://www.gomatilda.com/news/article.cfm?articleid=264
Best regards.
Mar 31st 2003, 7:18 pm
#2
too busy to work members
Joined: Jan 2003
Location: Tahmoor NSW - Southern Highlands
Posts: 1,385
DearAlan
Can we take it from your web site news item that in the future there may be a chance that this part of the bill (amended) may be put forward again? If this is done do such bills usually apply in retrospect as well or only on new persons entering australia?
Can we take it from your web site news item that in the future there may be a chance that this part of the bill (amended) may be put forward again? If this is done do such bills usually apply in retrospect as well or only on new persons entering australia?
Mar 31st 2003, 9:31 pm
#3
Just Joined
Joined: Mar 2003
Posts: 6
Not good news then eh! regarding the Failed Income Tax Bill ?..
We are awaiting the 457 employer sponsored visa.
Is this move down under really worth it, financially ? We know the sun shines and the ozzies are great but .....
Love to hear from members re this TAXING issue!!!!
Ian & Jackie
We are awaiting the 457 employer sponsored visa.
Is this move down under really worth it, financially ? We know the sun shines and the ozzies are great but .....
Love to hear from members re this TAXING issue!!!!
Ian & Jackie
Apr 1st 2003, 6:26 am
#4
Forum Regular
Joined: Nov 2002
Location: Mona Vale, Sydney
Posts: 261
Re: Tax Bill Fails in the Senate
Originally posted by Alan Collett
The Bill that included the provisions to bring greater tax benefits to those in Australia with temporary visas was read in the Senate last Thursday.
More info here:
http://www.gomatilda.com/news/article.cfm?articleid=264
Best regards.
The Bill that included the provisions to bring greater tax benefits to those in Australia with temporary visas was read in the Senate last Thursday.
More info here:
http://www.gomatilda.com/news/article.cfm?articleid=264
Best regards.
Thanks(!) for that
So I guess I'll just have to sell/transfer everything? What are the implications for things like renting out my house or leaving a pension in the UK?
Your article talks about a new, comprehensive review. Any idea on when or how?
Speak to you soon
Kev
Apr 1st 2003, 7:07 am
#5
Migration Agent
Thread Starter
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: Tax Bill Fails in the Senate
Kevin,
The implications for you as a 457-IE visa holder are that the net rental from a UK property will now be assessable in Australia in a way that it wouldn't have been if the Bill had become law - until such a time as you had applied for permanent residency that is.
Ditto capital gains arising outside Australia.
Pensions were always going to have the section 27CAA problem, but the Foreign Investment Fund Rules still have an exemption for those who are in Australia on temporary visas for the first 4 years, or until you apply for permanent residency.
Does this make sense?
As to the more comprehensive review and the timetable for the report thereon - I'll have to get back to you on that one.
Best regards.
The implications for you as a 457-IE visa holder are that the net rental from a UK property will now be assessable in Australia in a way that it wouldn't have been if the Bill had become law - until such a time as you had applied for permanent residency that is.
Ditto capital gains arising outside Australia.
Pensions were always going to have the section 27CAA problem, but the Foreign Investment Fund Rules still have an exemption for those who are in Australia on temporary visas for the first 4 years, or until you apply for permanent residency.
Does this make sense?
As to the more comprehensive review and the timetable for the report thereon - I'll have to get back to you on that one.
Best regards.
Originally posted by kevmitch
Alan
Thanks(!) for that
So I guess I'll just have to sell/transfer everything? What are the implications for things like renting out my house or leaving a pension in the UK?
Your article talks about a new, comprehensive review. Any idea on when or how?
Speak to you soon
Kev
Alan
Thanks(!) for that
So I guess I'll just have to sell/transfer everything? What are the implications for things like renting out my house or leaving a pension in the UK?
Your article talks about a new, comprehensive review. Any idea on when or how?
Speak to you soon
Kev
Apr 1st 2003, 7:42 am
#6
Forum Regular
Joined: Nov 2002
Location: Mona Vale, Sydney
Posts: 261
Re: Tax Bill Fails in the Senate
Originally posted by Alan Collett
Kevin,
The implications for you as a 457-IE visa holder are that the net rental from a UK property will now be assessable in Australia in a way that it wouldn't have been if the Bill had become law - until such a time as you had applied for permanent residency that is.
Ditto capital gains arising outside Australia.
Pensions were always going to have the section 27CAA problem, but the Foreign Investment Fund Rules still have an exemption for those who are in Australia on temporary visas for the first 4 years, or until you apply for permanent residency.
Does this make sense?
As to the more comprehensive review and the timetable for the report thereon - I'll have to get back to you on that one.
Best regards.
Kevin,
The implications for you as a 457-IE visa holder are that the net rental from a UK property will now be assessable in Australia in a way that it wouldn't have been if the Bill had become law - until such a time as you had applied for permanent residency that is.
Ditto capital gains arising outside Australia.
Pensions were always going to have the section 27CAA problem, but the Foreign Investment Fund Rules still have an exemption for those who are in Australia on temporary visas for the first 4 years, or until you apply for permanent residency.
Does this make sense?
As to the more comprehensive review and the timetable for the report thereon - I'll have to get back to you on that one.
Best regards.
Thanks Alan. See you soon (hopefully!)
