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Tax and Money Issues for Temporary Residents

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Tax and Money Issues for Temporary Residents

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Old Jul 31st 2021 | 8:13 pm
  #1  
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tavro is an unknown quantity at this point
Default 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!
 
Old Aug 1st 2021 | 9:26 pm
  #2  
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Default Re: Tax and Money Issues for Temporary Residents

Originally Posted by tavro
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!
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.
 

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