mike morgan

I'm 65 this coming october and my state pension is due to be paid to me plus two small insurance pensions. Could anyone advise me as to the most efficient way of transferring these pensions to my bank account in Australia. I realize i may have to probably get tax clearance from the inland revenue so presumably i may have to pay double taxation until i get clearance?

Honeybun

Hi Mike, but I thought Government pensions weren't taxable. If anybody has got any information on this, I am really interested as well, especially transferring the pension without losing out on the amount, if poss. So much to do and find out and not enough time, scarey eh. Information on anything at all would be beneficial to me, coz once house is sold, on the way. Cats to prepare, but most important is all the issues on money, especially what to do with money from sale of house - keep in England or transfer to non-existing bank in Oz.
Barbara

Grayling

As far as I know All worldwide income is subject to tax in Australia from whatever source.

Your UK state pension will be frozen at the rate it is when you migrate.

Look here:

http://www.completeframing.com.au/BPIA/

Uk and Australia have a double taxation agreement. You will need to get details of this from the UK tax office.

For Australian Tax:

www.ato.gov.au

G

Grayling

You really need to take professional advice on this.

The Australian tax office treat annual growth on overseas investments as income and tax you accordingly.Make sure you take advice.

G

Hunkyhenry

I wouldn't mind some of that!!

CreditCardKing

Why would you inform the British Government that you are leaving the country? and why would you inform the Australian Government that you have a British pension? there is no need, I would just have my pension paid into a British bank account every week and draw it out in OZ using your cash card. This way you will receive an increase for inflation every year.

Sue from Manchester

Isn' that a teensy bit illegal?

CreditCardKing

its only illegal if you get caught, maybe you were just on holiday in Australia for 15 years . Talk to a good accountant it will be worth your while.

CreditCardKing

Sue

I see your from Manchester, I am moving to Manchester in July for around 6 months. Can you recommend any good areas to live and what areas to stay clear of. How much is the rent for a 2 bedroom flat. Is it difficult to find rental properties for only 6 months.

Thanks

Sue from Manchester

Manchester is a very big area, it depends how close into the city centre you want to be. Didsbury and around there is a good area for renting a flat and you would pay around £350 to £400 a month (in West Didsbury, central Didsbury village is very trend and expensive now). Could try Chorlton. I would avoid (please don't shout anyone) Hulme, Moss Side, Whalley Range, East Manchester. But I'm a girl from south Manchester (Sale) and know my area best. Further out, Altrincham, Hale, Bowdon, is very nice but very expensive. Most rental agreements are six months. Hope this helps.

CreditCardKing

Thanks for that, someone else mentioned Didsbury and also Withington and Fallowfield. I think Didsbury sounds the best. Its so hard to find somewhere to live when you are not from the area

Honeybun

Yes, and I would be caught. They must have a way of knowing. but I will take everybodies advice and talk to an accountant about it. Life is not simple hey, and having pensions frozen when leaving England is immoral - so many people are doing it and I bet the Government are clapping their hands

CreditCardKing

The British Government does not keep track of its citizens leaving and entering the UK unlike Australia where the Tax office, Benefits Agency, Immigration and any other Government computer systems are all linked. So you can not get away with anything here. The data protection act is different in the UK to OZ.