Still don't feel like I'm going anywhere.....when will it hit me?!
Feb 12th 2008, 9:57 pm
#31
Lost in BE Cyberspace
Joined: Nov 2005
Location: at the bottom of a wine glass
Posts: 28,176
Re: Still don't feel like I'm going anywhere.....when will it hit me?!
I've been here since July 2006 and it still hasn't sunk in yet
I keep expecting to wake up in my tiny little ex council house in the UK.
Feb 12th 2008, 9:59 pm
#32
BE Enthusiast
Joined: Nov 2006
Location: Palm Beach QLD
Posts: 532
Re: Still don't feel like I'm going anywhere.....when will it hit me?!
Hi everyone
Just interested to know, at what point it actually felt real that you were moving away?
My fiance and I are going in 7 weeks, not very organised, only thing we've actually got booked is the cat's flight and quarantine space. Been getting shipping quotes, flat's been on the market last 4 months, leave my job in 3 weeks, been looking at flights and hotels for our stopover in Singapore, but it still doesn't feel like we're actually going anywhere or doing anything out of the ordinary!! Even though all this stuff we're doing is far from ordinary!
I imagine the moment we buy our one way tickets it will actually hit us what we're doing......been talking about this for so long now with friends and family etc but still I feel like nothing's changing!
Just interested to know, at what point it actually felt real that you were moving away?
My fiance and I are going in 7 weeks, not very organised, only thing we've actually got booked is the cat's flight and quarantine space. Been getting shipping quotes, flat's been on the market last 4 months, leave my job in 3 weeks, been looking at flights and hotels for our stopover in Singapore, but it still doesn't feel like we're actually going anywhere or doing anything out of the ordinary!! Even though all this stuff we're doing is far from ordinary!
I imagine the moment we buy our one way tickets it will actually hit us what we're doing......been talking about this for so long now with friends and family etc but still I feel like nothing's changing!
Feb 12th 2008, 10:03 pm
#33
Joined: Sep 2005
Location: Mount Tamborine
Posts: 17,426
Re: Still don't feel like I'm going anywhere.....when will it hit me?!
I wish I didnt love people so much nor care what they thought, moving away would be so much easier.
On the other hand, I am absurdly excited about seeing Gobbyjock again. Im scared about jobs and houses to rent and very excited about the flight.
Does that all make sense?
On the other hand, I am absurdly excited about seeing Gobbyjock again. Im scared about jobs and houses to rent and very excited about the flight.
Does that all make sense?
Feb 12th 2008, 10:11 pm
#34
BE Enthusiast
Joined: Nov 2006
Location: Palm Beach QLD
Posts: 532
Re: Still don't feel like I'm going anywhere.....when will it hit me?!
Is there not a thing where you only have a certain amount of time to transfer money from the UK tax free, after that you pay tax coz it is classed as income?
Feb 12th 2008, 10:15 pm
#35
Lost in BE Cyberspace
Joined: Nov 2005
Location: at the bottom of a wine glass
Posts: 28,176
Re: Still don't feel like I'm going anywhere.....when will it hit me?!
No, you don't pay tax on your own money but you do on any interest earned. Although it's not as simple as that really, as there are all sorts of other things you could be taxed on, like forex gains etc (which I know nothing about
)
Feb 13th 2008, 10:45 am
#36
BE Enthusiast
Joined: Jan 2007
Location: Perth, WA
Posts: 365
Re: Still don't feel like I'm going anywhere.....when will it hit me?!
Moving money..
I've seen on another thread that you could be charged Capital Gains Tax on any money you don't bring over in the first 6 months if you have "profited" from delaying the transfer. If the AU$ weakens against the £ and you get a better exchange rate AFTER you have been in the country 6 months, you will have to pay CGT on the 'profit' you made. You will have to note what the exchange rate was the day you moved over to calculate your profit.
Conversely, if the exchage rate worsens even more (not possible, you cry!) you can write off the "loss" against any tax due in that financial year.
If that's confusing, an example......
You want to bring over £100,000 on 1st March 2008, the day you enter Oz.
The exchange rate is $2.20, so you get $220,000. If, however, you leave the exchange til after 1st September 2008 (6 months after you enter) and get $2.50 (you wish!), you will get $250,000. However, you will be due to pay CGT on the extra $30,000 'profit' you made by delaying the transfer.
There is some debate on the other thread as to whether CGT is due on this transaction as the tax law is meant to be for foreign owned corporations rather than individuals. But worth getting proper financial advice.
Me? I'm determined to wait, but need to bottom out this CGT situation.
I worked out that we are about $200,000 worse off now compared with 12 months ago. We live in hope that the rate improves in the next year...but I'm not holding my breath !!
....raindance or no raindance !
P
I've seen on another thread that you could be charged Capital Gains Tax on any money you don't bring over in the first 6 months if you have "profited" from delaying the transfer. If the AU$ weakens against the £ and you get a better exchange rate AFTER you have been in the country 6 months, you will have to pay CGT on the 'profit' you made. You will have to note what the exchange rate was the day you moved over to calculate your profit.
Conversely, if the exchage rate worsens even more (not possible, you cry!) you can write off the "loss" against any tax due in that financial year.
If that's confusing, an example......
You want to bring over £100,000 on 1st March 2008, the day you enter Oz.
The exchange rate is $2.20, so you get $220,000. If, however, you leave the exchange til after 1st September 2008 (6 months after you enter) and get $2.50 (you wish!), you will get $250,000. However, you will be due to pay CGT on the extra $30,000 'profit' you made by delaying the transfer.
There is some debate on the other thread as to whether CGT is due on this transaction as the tax law is meant to be for foreign owned corporations rather than individuals. But worth getting proper financial advice.
Me? I'm determined to wait, but need to bottom out this CGT situation.
I worked out that we are about $200,000 worse off now compared with 12 months ago. We live in hope that the rate improves in the next year...but I'm not holding my breath !!
....raindance or no raindance !P
Feb 13th 2008, 10:53 am
#37
Forum Regular
Joined: Aug 2007
Location: Sunrise Beach, QLD
Posts: 77
Re: Still don't feel like I'm going anywhere.....when will it hit me?!
...and when you've sorted all that money out, Think long and hard about what sort of surfboard your going to buy!
Feb 13th 2008, 11:14 am
#38
BE Enthusiast
Joined: Jan 2007
Location: Perth, WA
Posts: 365
Re: Still don't feel like I'm going anywhere.....when will it hit me?!
wot? with my back ??!!!
