Tax advice - who to use?

[AndrewL]

Alan, do you run/work in a Aus/UK tax firm in Melbourne?

[Alan Collett]

Business development plans preclude me from discussing this on a public forum ... happy though to discuss privately ... send me an email or a PM if you would like to know more.

Best regards.

[Pinhead]

Originally Posted by dizzy blonde

Hi I am sure this has been covered somewhere before but I am struggling to get some decent tax advice before we leave the UK next month. We have some savings and hopefully if we ever sell the house some equity that we need to shift to Oz. We don't need all of it straight away.

The banks want to talk to us about offshore but can't tell us if we will be taxed when we eventually move money into Oz - so much for an international service. Contacted Prism Expat today but they only really seem interested in the Pension and want to charge £95 for a meeting to discuss Pension in more detail. Which I know we need to sort as well.

Feel as though I am going in never-ending circles. We are going on a 457 visa if that makes any difference. Has anyone else found an agency that can do both UK and Oz Tax advice before I go completely bonkers!

It doesn't matter where you put the money offshore it will still produce taxable income that should go on your Oz tax return irrespective as to when you send it to oz.

[AndrewL]

Originally Posted by Pinhead

It doesn't matter where you put the money offshore it will still produce taxable income that should go on your Oz tax return irrespective as to when you send it to oz.

Dizzy blonde will be temp res so she won't be taxed in Aust. That's why they are being told to put funds offshore.

[Pinhead]

If you live in Oz for more than 6 months in any tax year then your country of residency as far as tax authorities are concerned is Australia and therefore income generated worldwide should be included on your Oz tax return.

[Alan Collett]

No - a 457 visaholder is likely to be a temporary tax resident of Australia, and can therefore make use of the exemptions that came into effect 01/07/2006.

Best regards.

[AndrewL]

Originally Posted by Pinhead

If you live in Oz for more than 6 months in any tax year then your country of residency as far as tax authorities are concerned is Australia and therefore income generated worldwide should be included on your Oz tax return.

It's actually 183 days and not necessarily in a tax year :-) And there's several more tests...

You may have missed the rather important changes in tax legislation that came into place 1 July 2006... The danger of taking advice on a forum, methinks!