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Ferrets

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  1. nickb787

    hi, I don’t like posting on an open forum about my financial situation, 
     

    Does the $330k represent a hard ceiling for the value, or can it be repeated, i.e. $330k transferred in year 1 (using the bring forward), $150k transferred in year 4?
     

    For info, you can transfer as much as you like if you breach $330,000 NCC the ATO will actually release all money over $330,000 they will charge you a small amount of tax but the rest goes into your bank account, I know from personal experience as I did just that. 

    I set up a QROPS and transferred my crystallised section of my pension nearly 3 years ago just under £1M  , paid $45k tax to the ATO, will transfer the remaking this year, for info now the HMRC have dropped LTA you can transfer everything in one go however they are trying to charge a foreign transfer charge of 25% over £1.07 to protected IP values if you have. Depends on if that gets through parliament.

     

    I also found that the only QROPS commercially available will charge you an ongoing fee as it’s a QROPS transfer of about 6-7% if I remembercorrectly and they will not tell you unless you ask about the excess NCC you CAN make.

    Cheers

    Nick
     

  2. Ferrets
    I’ve just back paid for 2019-2023, and now on a DD for class 2, no issues with non residency and in fact if you are overseas you can get class 2 which is much cheaper. For the OP it depends how long you have been here; HMRC have extended the period you can backdate to 2006, but this is only available until April 2025, with a long turnaround time for processing. @Andrew from Vista Financial the CF83 form seems to have changed so there is no option to select which class you are applying for, is that to try and dissuade class 2 applications?
  3. Ferrets
    lol just making the point that situations change, so pointing to an election promise pre inflation crisis seems equally pointless
  4. Ferrets
    It might be worth checking if you can also make NI contributions from Australia; there’s a window to do this going back to 2006 (until April 2025) at a very cheap rate (approximately $350 for each year if you qualify for class 2 contributions). I’d suggest that wherever you are likely to retire that should be something to look into as the UK pension, although taxed in both jurisdictions is not means tested. There are some good threads in this section on that. Good luck!
  5. Ferrets
    That’s a good shout, when the trading blackout is over I’ll look to cash out shares that I have held long enough for the CGT discount and then drop into an offset account. Then in June we’ll run the numbers with my wife’s YTD earnings and then work out what concessional payment to make to her Super. Thanks all!
  6. Ferrets
    To be fair the RBA promised interest rates wouldn’t rise, the government is just responding to different circumstances. IMHO they should have announced this (or variation of) much earlier in the inflation cycle along with raising corporation tax alongside interest. If that had happened I think inflation would have been tempered more than just using interest rates as a blunt tool, hurting those at the bottom the most. At least with this everyone gets something and the general consensus from economists is that it’s a better approach. Crossing my fingers for the interest rates to start cooling a bit soon
  7. Ferrets
    Thanks for the thoughts, it's really appreciated. We don't have any intention to move back to the UK, and no desire after a trip back last year but never say never as kids will have both passports soon. The benefit in my mind is that if my wife make extra contributions it means our combined super starts getting to the level where an SMSF might make sense. I'm weighing that up againstcontinuing to hold shares, being exposed to any company specific impacts and then potentially being hit with CGT down the line. My wife does have some unused concessional carry forward which again is why I'm weighing this up, and noted on the co-contribution. Definately some mulling over to do - I can't do anything immediately as we're in a trading blackout atm. Thanks all!
  8. Ferrets
    I have an option to sell some shares that I got via an employee share sheme, with minimal CGT due to holding for more that 12 months and minimal market price movement. This would allow my wife to salary sacrifice a higher proportion of her salary into her superannuation, and I believe also unlock government co-contribution and low income offset. Whilst it would be broadly converting one form on investment for another, is it better to have concessional contributions banked vs shares in the long run? We're early forties and playing catchup on our Australian super at the moment (alongside also making voluntary NIC to HMRC). Thoughts? Cheers!
  9. Ferrets
    Looking at the options it’s either city for the top top schools, or then Bayside (including Cannon Hill) for CHACs / Ormiston. Our kids are at the Moreton Bay Colleges and really enjoy them, MBC seems really good in particular for our daughter though there do seem to be some marmite reactions to it.
  10. Ferrets
    It also depends on where you settle as well - would you locate for the school or choose a school in your location?
  11. Ferrets
    I've sent off my application for class 2 NICs, working up until we migrated in 2016. My wife worked until 2014, and then was a stay at home Mum until we migrated. She did get NIC credits over that period as a child benefits recipient. I spoke with HMRC about making voluntary payments, and they were unable to advise over the phone if she should be making class 2 or 3 voluntary contributions, and recommended sending an application in for class 2 for consideration. With a turnaround time of 44+ weeks for applications at the moment is it worth going through the process to try and get class 2? Or as I suspect it's clear cut that she can only get class 3 that we go straight to the paying for class 3? Thoughts appreciated, Cheers!
  12. Ferrets
    Applied 28th April and then had the test 17th July. Still checking the inbox daily for approval
  13. Ferrets
    I've just spoken with HMRC, and they've advised a 44 week wait once the CF83 is receieved As I believe I am eligible for Class 2 I'll have to get my application done and suck up the leadtime. I was also advised (I believe incorrectly), that my wife, who was not working (but recieving child benefit) when we left, but is now working in Australia may also be eligible for Class 2. Based on what I read I don't think this is the case, does anyone have any experience on this? Cheers, Ferrets
  14. Ferrets
    Thanks Andy, I can see how the AFE caculations would work for the existing defined contribution schemes, i.e. value at time of transfer less value at time becoming a resident. How would the AFE calculations value a scheme that be a defined contribution at the time of transfer but was originally a defined benefit scheme, or does this create a barrier? Does the $330k represent a hard ceiling for the value, or can it be repeated, i.e. $330k transferred in year 1 (using the bring forward), $150k transferred in year 4? Some of these technical points start firming up whether it's actually viable! Cheers
  15. Ferrets
    Thanks Marisa, This has highlighted to me this is more of an immediate question on the vehicle used in the UK at the moment vs moving it to Australia; that part is quite a few years away for me anyway, and would become a technical solution at that point - we'll have been in Australia almost two decades at that point so should be in a good position to answer the question of staying with full certainty Cheers again for the feedback!
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