Tax and Money Issues for Temporary Residents
 

Dear Australian Newcomers

Before we become PR, we Temporary Residents on a bridging visa reside in a tax limbo. (For between 5 and 30 years!) Would anyone care to share discussions on the following?

1. Buying a home, FIRB, and triple stamp-duty
2. Paying tax in two countries.
3. UK ISA's and SIPP's
4. UK pensions paid or pending.
5. IHT & Probate
6. Bank Accounts and Credit Cards
7. Currencies and Forex

Just for starters!

Re: Tax and Money Issues for Temporary Residents
 

I am no expert but i believe with the double taxation treaty tax in either country is only paid once unless one nation has a higher rate in which case you would pay the difference so as a basic example if you owned an asset in Australia and paid 30% tax if the rate you paid in the uk was 25% there would be no uk tax to pay and vice versa but if the rate in uk was 35% you would pay the difference.

I think whilst U.K. is not required for a shares isa it probably is in Australia. Basically every country taxes on worldwide income i believe unless you are extremely wealthy then you can pay extremely wealth tax experts who can help you avoid paying.