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Forum: Australia
Aug 14th 2019, 12:00 pm
Replies: 2
Views: 692
Posted By Kiwipaul

Re: Moving to Australia in September - Tax query

No they won't. You will only have to declare any interest you earn on the money once you become resident in Oz on your annual tax return. Next one is June 2020
Forum: Australia
Jul 2nd 2019, 7:12 am
Replies: 5
Views: 639
Posted By Kiwipaul

Re: Capital Gains Tax

You need to find out what it was worth when you left the UK in Sterling, get the exchange rate on the day you left UK and then convert the value to Oz$. This is your baseline for the value of your UK...
Forum: Australia
Jan 4th 2019, 7:03 am
Replies: 2
Views: 540
Posted By Kiwipaul

Barclays Bank Question

I've had a Barclays a/c for more than 40 years but suddenly I cannot change my statement frequency (always has been quarterly) and it has dropped to monthly. When I change this online I get the...
Forum: Australia
Oct 31st 2018, 11:30 am
Replies: 6
Views: 593
Posted By Kiwipaul

Re: UK Pension - Self Managed Super & Tax on growth

Have a read of this thread
https://britishexpats.com/forum/australia-54/personal-uk-pension-withdrawal-915860/page3/

The actual cost of transferring a fund valued at $A28,000 into a SMSF would be...
Forum: Australia
Sep 25th 2018, 6:56 am
Replies: 45
Views: 4,909
Posted By Kiwipaul

Re: Personal UK Pension withdrawal

Ignore the email I sent because I've just found the location.

It's here
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/452963/aust-indiv2003.pdf
...
Forum: Australia
Sep 24th 2018, 6:24 am
Replies: 45
Views: 4,909
Posted By Kiwipaul

Re: Personal UK Pension withdrawal

Are you talking about an investment fund or a pension fund, because as far as I know Pension Funds don't attract any tax liability until you start to withdraw them or transfer them.

But investment...
Forum: Australia
Sep 24th 2018, 12:03 am
Replies: 45
Views: 4,909
Posted By Kiwipaul

Re: Personal UK Pension withdrawal

I consider a 2-3% more than acceptable loss for the convenience of a regular monthly income. Even if I paid it into a UK a/c and only transferred once a year using say Ozforex I would still loose at...
Forum: Australia
Sep 23rd 2018, 9:55 am
Replies: 45
Views: 4,909
Posted By Kiwipaul

Re: Personal UK Pension withdrawal

You don't need a UK a/c give them your Oz one and let them transfer the money direct to your Oz a/c.
I use HSBC current a/c. I loose about 2-3% on each transfer which is about what I would loose...
Forum: Australia
Sep 22nd 2018, 11:22 pm
Replies: 45
Views: 4,909
Posted By Kiwipaul

Re: Personal UK Pension withdrawal

I don't understand if it's only a small amount why you don't just leave it in the uk and take the pension in Oz. This saves any expenses on advisers and transfer costs.

I have a company pension...
Forum: Australia
Sep 2nd 2018, 11:58 am
Replies: 63
Views: 6,223
Posted By Kiwipaul

Re: Australian Pension

Maybe not I hit 65 and 6 months on 30 May and the end of the tax year is 30 June and I claimed the SAPTO and LITO and I appear to have received the whole years allowance rather then just the 1 month...
Forum: Australia
Sep 2nd 2018, 7:59 am
Replies: 63
Views: 6,223
Posted By Kiwipaul

Re: Australian Pension

Be careful here if you cash in your pension is it treated as income in Oz.

My UK private pension is tax free in uk but I have to declare it as income here and subject to tax.
It might be safer to...
Forum: Australia
Aug 31st 2018, 4:57 am
Replies: 2
Views: 478
Posted By Kiwipaul

Re: Capital Gains Tax for buy-to-let property - when to sell

The difference is marginal with regards to Oz tax because you will value the property in Oz$ when you become tax resident in Oz again. If it takes you 12 months to sell the CGT will be the difference...
Forum: Australia
Aug 8th 2018, 11:20 am
Replies: 11
Views: 1,298
Posted By Kiwipaul

Re: Selling house in UK, bringing proceeds to Australia

[QUOTE
Say for example it increased in value by 100k, 50% is tax free which leaves 50k. Therefore do I just add half of that to my income for the year (i.e. 25k)?
Cheers[/QUOTE]

That would be...
Forum: Australia
Aug 7th 2018, 11:24 am
Replies: 11
Views: 1,298
Posted By Kiwipaul

Re: Selling house in UK, bringing proceeds to Australia

I would assume that you rented the property during your time in Oz and so you are liable for CGT on the increase in value of the property.
HOWEVER as you have rented in Oz you can claim the UK...
Forum: Australia
Jul 5th 2018, 11:15 pm
Replies: 28
Views: 2,050
Posted By Kiwipaul

Re: Return to UK but CGT

I found this regarding UK CGT
To work out how much of the gain you’ll have to pay tax on, you add the number of months you lived in the property to 18 and divide by the number of months you owned...
Forum: Australia
Jul 5th 2018, 10:45 am
Replies: 28
Views: 2,050
Posted By Kiwipaul

Re: Return to UK but CGT

Not to familiar with UK CGT after being away for 30 years, but does moving back into an investment property result in a CGT liability immediately or is it deferred until you actually sell it (most...
Forum: Australia
Jul 5th 2018, 7:10 am
Replies: 28
Views: 2,050
Posted By Kiwipaul

Re: Return to UK but CGT

Well if that is the case you can claim your UK property as your PPOR whilst it was rented for up to 6 years after you moved out so if you were away for 7 years your Oz CGT liability will only be for...
Forum: Australia
Jul 4th 2018, 11:08 am
Replies: 28
Views: 2,050
Posted By Kiwipaul

Re: Return to UK but CGT

My advise was based on OZ tax law NOT UK tax liability. Is the OP concerned about UK tax liability or OZ tax liability,

My advise is based on purely his situation in OZ and Oz tax laws.
Forum: Australia
Jul 3rd 2018, 11:55 am
Replies: 28
Views: 2,050
Posted By Kiwipaul

Re: Return to UK but CGT

The important question is did you buy or rent a property whilst in Oz.

If you rented then you can claim your UK property as your PPOR for 6 years after you move out.

But if you bought another...
Forum: Australia
May 20th 2018, 9:41 am
Replies: 63
Views: 6,223
Posted By Kiwipaul

Re: Australian Pension

I'm already retired and have been for the last 5 years but I hit the pension age this month and so my tax free income will jump from $18,000 to $32,000 for this tax year if I understand the laws...
Forum: Australia
May 19th 2018, 11:05 pm
Replies: 63
Views: 6,223
Posted By Kiwipaul

Re: Australian Pension

Yes I agree about income because if you earn over $50,119 (for a single person) SAPTO cuts out, but I cannot find anything about having to be in receipt of a gov benefit.
Also it's not clear to me...
Forum: Australia
May 19th 2018, 9:34 am
Replies: 63
Views: 6,223
Posted By Kiwipaul

Re: Australian Pension

Once you hit retirement age (currently 65 1/2 years) you can claim SAPTO tax free allowance which means that you can earn $28,974 (normally $18,200) before you start paying any tax at all. This...
Forum: Australia
Jan 16th 2018, 10:27 pm
Replies: 2
Views: 610
Posted By Kiwipaul

Re: Help with Taxation Information

Yes I completed one for my UK company pension because it was being taxed in the UK. Fill it in return it to ATO who check it and forward it on to the UK taxman confirming you are an Oz resident for...
Forum: Australia
Jun 30th 2017, 12:51 am
Replies: 4
Views: 674
Posted By Kiwipaul

Re: Reasonably priced accommodation on Sunshine Coast

$100 a night is very good value for 2 bedroom apartment.
It's cheaper inland from the coast and try and avoid school holidays if you can.
Forum: Australia
Jun 13th 2017, 6:53 am
Replies: 3
Views: 635
Posted By Kiwipaul

Re: capital gains tax on UK ISA

I believe they are wrong because all investments are valued at the point you become tax resident in Oz not the date you purchased the asset.

BUT for an ISA they don't consider it a CG and you...
Showing results 1 to 25 of 1000
 


 
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