Takin money to oz..

[Nelson]

Anyone have any figures about 'average' money taken over by brits.. i've read loads of peoples' comments that they are skint.. what is skint these days? Does it mean people are going with nothing but the clothes they stand up in or what?

[forshac]

What a good question... :roll:

[Alison1967]

Originally Posted by Krista

Anyone have any figures about 'average' money taken over by brits.. i've read loads of peoples' comments that they are skint.. what is skint these days? Does it mean people are going with nothing but the clothes they stand up in or what?

Programme on the other day about taking money into Oz.
Take over $10.000 in any currency you have to declare it otherwise they confiscate it and prosecute you. No probs if you declare it though, lots of money laundering going on they said.


Ali

[ABCDiamond]

An average figure is subjective. However, a poll was recently done of about 160 UK to OZ migrants, and the results, of how much they were taking with them, were:

9.82% - Under £10k
9.20% - £10 – £30k
11.04% - £30 – £50k
20.25% - £50 – £100k
19.63% - £100 – £150k
8.59% - £200 - £250k
6.75% - £250 – £300k
4.91% - £300 – £400k
1.84% - £400 - £ 500K
7.97% - Over £500k

To come out with £100k, meaning you can buy a house mortgage free in many areas, would be a good feeling.

However, those with under £10,000 do feel that they have to get into the working life again very quickly. Mainly because of the new setting up costs that they incur.
£10,000 is about half of an average annual GROSS wage here, so there would be many people very happy to have that figure of spare cash :)

I have heard people say they are "skint" too, and have been left wondering.... A person who owns one property outright, and a decent % of investment properties, and has a large super fund, complains that they are skint as they have no spare money in the bank for holidays !! Yet probably have a net worth of over $1M.

"Skint" means different things to different people ;)

[Nelson]

To ABCDiamond.. That's really helpful.. thanks for that!

[Alison1967]

I was talking about cash taken into country with you.

The money from the house sale will be sent bank>bank transfer.

Ali

[Neil Meadowcroft]

Hi,

Is it true that you have 6 months to change your pounds into dollars or run the risk of paying tax on this? (if this is in a Australian bank account)

Cheers.

[ABCDiamond]

Originally Posted by Neil Meadowcroft

Hi,

Is it true that you have 6 months to change your pounds into dollars or run the risk of paying tax on this? (if this is in a Australian bank account)

Cheers.

No.

You will not pay tax on any Capital Sum that you have when you migrate, no matter how long you take to bring it over.

Tax only comes into it if that value increases, and the "increase" is then classed as income and is taxed.

If you keep it in £, even in an Australian bank account, it will be treated as an investment, and any "gain" will be taxed, even just a gain from foreign exchange movements.

[Neil Meadowcroft]

Cheers.

[lainey]

very interesting question, thanks for that.
We got told that we get advised to bring £12k per adult and £2K per child well there is 4 of us in our family so £28k was a bit steep and we where panicking over that, but im reassured now thank you ! :D

Lainey