Sandra

Posting from Sydney - not WA but value input

I cut some of your post so I can ask some questions obviously from your opinion only which I appreciate. I have a smart (not super bright) child who is finishing year 7 here very easily cause he was already ahead but did not want to go ahead as he is only just in year 7 AUS because of age (he is very conscious of the fact he is the 2nd youngest).

Next steps? He has missed out on the selective classes offered in year 5 and 6 primary. We have put him in a decent high school - not private - as we were not sure we had the money (jobs etc) to follow through. Is this now our best step (to opt for private) as we are now more settled? - or do we save the money to send him back after HSC to a UK Crammer for A levels to get into a UK Uni?

The steps as I understand it at present we lose the right to 'free' education in the UK at Uni if my son isn't a resident for a certain amount of years before Uni - not really a problem as UK universities and costs will go more and more means tested along with Student Loans etc so it is not as if he would get a 'free' education in the UK based on parental earnings.

I understand you do not have children but would be interested in your feelings. I believe I will have enhanced my childs 'life' education by making our decision to move here. I now want to make sure I can stablise his future options in this global market!!!!! Seriously I am a product from one of the best education systems - Northern Ireland. I only want some of the best options if possible.

Your responses did not disturb me, only made me more aware we all have choices and the more we are informed the better decisions we can make. Many Thanks

Bernard

This is a real quandry and I hesitate to offer advice. There are so many factors to take into account, such as your sons personality (how would he feel about going overseas for education?) and your financial position.

On balance, if your son is settled in Oz and intends to stay here then it would be best to work hard for a place at an Australian university. If you can afford to go private then that would be the best route. If you're not sure whether you can afford private then stick to state - its traumatic to put a child into a private school and then have to suddenly pull out part way through due to not being able to pay!

mashiraz

Any idea roughly of cost for private education per annum? My son is 7.
Thanks
Mash...

Snowbird

Sandra can you tell us this; if a person emigrates to Australia and brings their lifes savings with them, do they have to pay tax, import duties, or whatr have you on just bringing that money into the country?

Sandra

I am not a Tax Consultant so I will not give advice - Alan Collett and his web site is great for this information and he has fantastic fact sheets on various Tax Issues.

My understanding is you can bring in your money for a period of time with no worries from main house sale etc, cashed in endowments etc, but then you may be subject to tax on some of these items later, eg waiting for an endowment to mature and bringing in the money later - you will be subject to tax on some or all of the profit part accumulated during the period you are an Aus resident for tax purposes and these can be difficult calculations. There are also some threads on this site - try a search on endowment?.

The other difficulty with tax issues are the finer points can be people and circumstance specific - we employed a tax consultant for pensions advice and read loads and loads as well, before making some of our decisions. I again would recommend reading Alan site first and then maybe contacting him or asking others on this site their recommendations for the best place to get specific advice

Best of Luck

Snowbird

Thanks Sandra Would you happen to have the URL to his site handy?

Sandra

http://www.gomatilda.com/

and for future reference he puts it on his posts and also you can find website if applicable on the members pages if your trawl through and also under peoples profiles - I tend to look there each time I have a difference machine and do not have it stored on my favourites.

have fun

Alan Collett

Here you are:
http://www.collettandco.com/aussie_individuals.html

Best regards.

Snowbird

Thanks Alan and Sandra! I'll go away and study now. Appreciate all the good advice.

sunny_samantha

Really appreciate all the advice and information I have gained from this website. I know emigrating is not a decision to be taken lightly but I cannot wait to exchange life in the UK for life in Australia.
Susan and Rod

pommie bastard

Just looked UK tax rates , I think I know where I will be better off.



INCOME TAX



2001/02
2000/01

ie year ended 5 April 2002 ie year ended 5 April 2001
Starting rate band to £1,880 £1,520
Tax rate 10% 10%
Basic rate band - next £ 27,520 £26,880
Normal rate 22% 22%
Savings income rate 20% 20%
Higher rate band – over £29,400 £28,400
Tax rate 40% 40%


UK dividend income taxed at 10% (32.5% where dividends fall into higher rate band).


Allowances that Reduce Taxable Income


2001/02
2000/01

Personal allowance (PA) - under 65 £4,535 £4,385
- 65 to 74 £5,990 £5,790
- 75 and over £6,260 £6,050

Allowances that Reduce Tax

Married couple's allowance (MCA)

Tax reduction - 65 to 74 £536.50 £518.50
- 75 and over £543.50 £525.50


'Rent a Room' exempt on gross annual rent £4,250 £4,250
Construction Industry Scheme deduction rate 18% 18%



'Rent a Room' exempt on gross annual rent £4,250 £4,250
Construction Industry Scheme deduction rate 18% 23%



Notes
1. Ages are as at the end of the tax year. Ages for MCA relate to the elder spouse. For 2001/02, MCA is available only to couples where at least one was aged 65 or over on 5 April 2002.

2. The age-related allowances are progressively withdrawn from people with income exceeding £17,600 (2000/01 - £17,000) reducing first PA and then MCA (for MCA only the husband's income is considered). PA cannot fall below £4,535 (2000/01 - £4,385) and MCA tax reduction cannot fall below £207 (2000/01 - £200).

sydneyrose

Do you like the new format of the forum, PB? All the countries in alphabetical order and down at the bottom, moving back to the uk. It seems mostly unused. Like an isolation cell. Have you looked inside? Is it padded?

stay or go ?

now now, dont be an @rsehole, you will give your fellow countrymen a bad name.

Sandra

PB - you forgot National Insurance payments - these can add up to 11% on each of the brackets you mentioned - I know there is a ceiling to National Insurance. Please stop quoting selective facts you are not making the picture clear. Also you have not mentioned that the UK has further employee taxation in the UK on expenses and benefits eg cars which is not applicable here.

Regards

stay or go ?

isnt that what the australian Fringe Benefit Tax (FBT) is all about - or am i at the wrong end of the stick ?