wow 2.7 at last on hifx
Jun 17th 2004, 9:48 am
#1
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Thread Starter
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Location: letchworth herts
Posts: 206
wow 2.7 at last on hifx
just looked at hifx reached 2.7
Jun 17th 2004, 9:55 am
#2
Rushwood, Thornlands, QLD
Joined: Feb 2003
Location: Thornlands,Bayside, Qld
Posts: 1,864
Re: wow 2.7 at last on hifx
Originally posted by delboy
just looked at hifx reached 2.7
just looked at hifx reached 2.7
Live mid-market rates as of 2004.06.17 21:52:32 GMT.
1.00 GBP
United Kingdom Pounds = 2.70142 AUD
Australia Dollars
1 GBP = 2.70142 AUD 1 AUD = 0.370176 GBP
Save money with XEtrade on-line foreign exchange by XE.com. Click here for guaranteed best rates !
good news isnt it
pity we cant put the depos. down
Jun 17th 2004, 11:20 am
#3
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Joined: Feb 2003
Location: Brisbane
Posts: 1,525
Re: wow 2.7 at last on hifx
Originally posted by delboy
just looked at hifx reached 2.7
just looked at hifx reached 2.7
Jun 17th 2004, 11:55 am
#4
Karma earned, not whored
Joined: Apr 2004
Location: Perth
Posts: 1,001
you wont get exactly 2.7 but make sure you haggle with them. The last amount of currency we exchanged we got 1.25 points less than the interbank rate. Even on their minimum trade of £5000 you will only drop 1.9 -2.0 cents.
In reality if you trade 70 or 80 grand you will get about 2.695
If you trade the min 5 grand you will get 2.68
In reality if you trade 70 or 80 grand you will get about 2.695
If you trade the min 5 grand you will get 2.68
Jun 17th 2004, 2:45 pm
#5
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Joined: Sep 2003
Location: Bayside Brisbane
Posts: 279
problem is, this is all great for those of you still to come to Aus. For those who have already chaged up at the lower rate (there are some who changed at 2.35/2.4) it sucks.
For those of us who are already in Aus, but still have money to bring over (Sold the house last month), any increase in the exchange rate is dampened by the fact that any difference between what the exchange rate is now and what it was when we entered Australia is tax assesable.
example
£100000 to bring over
Enter Aus in March £1=A$2.4
Change money july £1=A$2.7
You have made 270000-240000=A$30000 gain on your currency.
This A$30000 is tax assessable which could be at 48.5% which means you only make A$15500 (tax bill of $A14500).
This is the way I understand the tax law to be ( as explained by a tax advisor)
So your rate of 2.7 may actually be alot lower.
please tell me I am wrong!
Nick
For those of us who are already in Aus, but still have money to bring over (Sold the house last month), any increase in the exchange rate is dampened by the fact that any difference between what the exchange rate is now and what it was when we entered Australia is tax assesable.
example
£100000 to bring over
Enter Aus in March £1=A$2.4
Change money july £1=A$2.7
You have made 270000-240000=A$30000 gain on your currency.
This A$30000 is tax assessable which could be at 48.5% which means you only make A$15500 (tax bill of $A14500).
This is the way I understand the tax law to be ( as explained by a tax advisor)
So your rate of 2.7 may actually be alot lower.
please tell me I am wrong!
Nick
Jun 17th 2004, 2:54 pm
#6
(It's not my real name)
Joined: Sep 2002
Location: Ilukapool. WA
Posts: 12,467
Originally posted by Sharpy67
problem is, this is all great for those of you still to come to Aus. For those who have already chaged up at the lower rate (there are some who changed at 2.35/2.4) it sucks.
For those of us who are already in Aus, but still have money to bring over (Sold the house last month), any increase in the exchange rate is dampened by the fact that any difference between what the exchange rate is now and what it was when we entered Australia is tax assesable.
example
£100000 to bring over
Enter Aus in March £1=A$2.4
Change money july £1=A$2.7
You have made 270000-240000=A$30000 gain on your currency.
This A$30000 is tax assessable which could be at 48.5% which means you only make A$15500 (tax bill of $A14500).
This is the way I understand the tax law to be ( as explained by a tax advisor)
So your rate of 2.7 may actually be alot lower.
please tell me I am wrong!
Nick
problem is, this is all great for those of you still to come to Aus. For those who have already chaged up at the lower rate (there are some who changed at 2.35/2.4) it sucks.
For those of us who are already in Aus, but still have money to bring over (Sold the house last month), any increase in the exchange rate is dampened by the fact that any difference between what the exchange rate is now and what it was when we entered Australia is tax assesable.
example
£100000 to bring over
Enter Aus in March £1=A$2.4
Change money july £1=A$2.7
You have made 270000-240000=A$30000 gain on your currency.
This A$30000 is tax assessable which could be at 48.5% which means you only make A$15500 (tax bill of $A14500).
This is the way I understand the tax law to be ( as explained by a tax advisor)
So your rate of 2.7 may actually be alot lower.
please tell me I am wrong!
Nick
What you can do though is split the 30 grand across you and your partner/wife's tax return and if he/she isn't working you'll pay less tax on half of it.
Jun 17th 2004, 4:54 pm
#7
Forum Regular
Joined: Nov 2003
Location: London, UK
Posts: 274
Originally posted by Sharpy67
For those of us who are already in Aus, but still have money to bring over (Sold the house last month), any increase in the exchange rate is dampened by the fact that any difference between what the exchange rate is now and what it was when we entered Australia is tax assesable.
For those of us who are already in Aus, but still have money to bring over (Sold the house last month), any increase in the exchange rate is dampened by the fact that any difference between what the exchange rate is now and what it was when we entered Australia is tax assesable.
Thanks
ST
Jun 17th 2004, 5:27 pm
#8
I'm lovin' it
Joined: Feb 2003
Location: Brisbane
Posts: 1,525
Originally posted by Sharpy67
problem is, this is all great for those of you still to come to Aus. For those who have already chaged up at the lower rate (there are some who changed at 2.35/2.4) it sucks.
For those of us who are already in Aus, but still have money to bring over (Sold the house last month), any increase in the exchange rate is dampened by the fact that any difference between what the exchange rate is now and what it was when we entered Australia is tax assesable.
example
£100000 to bring over
Enter Aus in March £1=A$2.4
Change money july £1=A$2.7
You have made 270000-240000=A$30000 gain on your currency.
This A$30000 is tax assessable which could be at 48.5% which means you only make A$15500 (tax bill of $A14500).
This is the way I understand the tax law to be ( as explained by a tax advisor)
So your rate of 2.7 may actually be alot lower.
please tell me I am wrong!
Nick
problem is, this is all great for those of you still to come to Aus. For those who have already chaged up at the lower rate (there are some who changed at 2.35/2.4) it sucks.
For those of us who are already in Aus, but still have money to bring over (Sold the house last month), any increase in the exchange rate is dampened by the fact that any difference between what the exchange rate is now and what it was when we entered Australia is tax assesable.
example
£100000 to bring over
Enter Aus in March £1=A$2.4
Change money july £1=A$2.7
You have made 270000-240000=A$30000 gain on your currency.
This A$30000 is tax assessable which could be at 48.5% which means you only make A$15500 (tax bill of $A14500).
This is the way I understand the tax law to be ( as explained by a tax advisor)
So your rate of 2.7 may actually be alot lower.
please tell me I am wrong!
Nick
Jun 17th 2004, 5:41 pm
#9
Forum Regular
Joined: Sep 2003
Location: Bayside Brisbane
Posts: 279
I take it you are refering to 'THEY' as the tax office.
I suppose they would be interested if a large sum of money appeared in your bank account.
I have read that just because you have filled ina tax return, they don't just accept what you put. They do actually check things like bank accounts etc. After all it will have a TFN against it. I have also read that tax is evaulated against a certain tax year for anything up to 3 years later. So you may have thought you had got away with it until 2 years later a tax bill drops on the door mat.
All depends I suppose on how much you want to gamble.
Another unknown is just how much information sharing goes on between the UK tax office and The Australian one?????
Just my opinion.
Nick
I suppose they would be interested if a large sum of money appeared in your bank account.
I have read that just because you have filled ina tax return, they don't just accept what you put. They do actually check things like bank accounts etc. After all it will have a TFN against it. I have also read that tax is evaulated against a certain tax year for anything up to 3 years later. So you may have thought you had got away with it until 2 years later a tax bill drops on the door mat.
All depends I suppose on how much you want to gamble.
Another unknown is just how much information sharing goes on between the UK tax office and The Australian one?????
Just my opinion.
Nick
Jun 17th 2004, 6:12 pm
#10
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Joined: Feb 2003
Location: Brisbane
Posts: 1,525
In which case you would plead ignorance and pay them what 'they' would have wanted in the first place. Worth a shot I'd say. (unless they want interest on top, but even then....)
Communication between Aus & UK tax boffins....zero I would have thought.
Communication between Aus & UK tax boffins....zero I would have thought.
Jun 17th 2004, 6:32 pm
#11
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Joined: Apr 2003
Location: Waikiki Perth originally Bournemouth in Dorset
Posts: 79
I understood it that you had up to 6 months from landing in oz to move over any finances tax free.
Gazza
Gazza
Jun 17th 2004, 9:35 pm
#12
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Originally posted by gazza321
I understood it that you had up to 6 months from landing in oz to move over any finances tax free.
Gazza
I understood it that you had up to 6 months from landing in oz to move over any finances tax free.
Gazza
Jun 17th 2004, 10:06 pm
#13
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Joined: Oct 2003
Location: Coogee, Sydney
Posts: 1,017
Originally posted by chippy
Ahh. Now this is interesting. Can anyone confirm this, pleeeease.
Ahh. Now this is interesting. Can anyone confirm this, pleeeease.
Yes - that's my understanding.
