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Alan Collett

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Everything posted by Alan Collett

  1. Alan Collett
    PS. If you need the warmth jump on a plane to Qld! A new airline (Bonza) is starting up and will fly from Avalon (again, 20 minutes from here in the car) to Maroochydore on the Sunny Coast very soon. What's not to like?!
  2. Alan Collett
    Is easy peasy to get to Torquay from Geelong, particularly if you live this side of town (Highton, Waurn Ponds, etc). Takes me 20 to 25 minutes down the Surf Coast Highway. Also, being in Highton means South Geelong station (free parking!) is 10 minutes away; into Melbourne (Southern Cross) by train in about an hour. My office at 500 Collins St is a block from the station. Works for me! Best regards.
  3. Alan Collett
    No problem. If the children get involved with Nippers at one of the Surf Clubs you can build a network quickly - particularly over the spring and summer months. I've heard about the sea swimming in Ireland - there's a group close to where my sister in law lives (Cork/Carrigaline), I believe. Best regards.
  4. Alan Collett
    I was in Torquay only this morning - I live in Highton, Geelong - a group of us swim from Cosy Corner every Saturday morning. Torquay definitely isn't as quiet as it was, following the subdivisions at Armstrong Creek, etc . Check house prices at realestate.com.au as a lot of people from Melbourne have headed to the areas you have mentioned, pushing prices up quite notably. Best regards.
  5. Alan Collett
    Respectfully, this is too important an issue for a discussion forum. I recommend you pay for a written opinion on your permanent visa strategy. Best regards.
  6. Alan Collett
    https://www.legislation.gov.au/Details/F2022L00506 Maximum number of parent and contributory parent visas confirmed by Immigration Minister in Legislative Instrument of 31 March 2022. No changes to what we know already ... 5 Maximum number of visas—Contributory Parent visas (1) A maximum of 3,600 Contributory Parent visas may be granted in the 2021‑2022 financial year between 1 July 2021 and 30 June 2022. (2) Of the maximum number of Contributory Parent visas determined in subsection (1), a maximum of 125 visas may be granted to applicants for the Contributory Parent (Migrant) (Class CA) visa who are seeking to satisfy either: (a) the primary criteria set out in clause 143.214 of Schedule 2 to the Regulations; or (b) the secondary criteria set out in clause 143.313 of Schedule 2 to the Regulations. 6 Maximum number of visas—Parent visas A maximum of 900 Parent visas may be granted in the financial year between 1 July 2021 and 30 June 2022. Best regards.
  7. Alan Collett
    ... indeed, why isn't the parent visa program also "demand driven" ...? From the above web link to the Minister's Media Release: Granting Partner visas on a demand driven basis will provide the flexibility to meet demand for Partner visas in a given program year, and assist in mitigating future growth in the Partner visa pipeline, while maintaining immigration integrity. Best regards.
  8. Alan Collett
    Yes, but that's not the question to be asked, in my opinion. Rather, why is the Government not planning to be back at the pre Covid level for parent visa grants in 2022/23? Best regards.
  9. Alan Collett
    Which is less than it was annually pre-Covid ... The chance of the parent visa timeline reducing as a result of this is minuscule. Best regards.
  10. Alan Collett
    Not great news coming out of yesterday's Federal Budget ... "The Partner and Child visa categories are estimated to deliver 40,500 and 3,000 visas respectively (delivery of Partner and Child visas will be subject to demand and visa processing requirements); while 6,000 places will be available for Parent visas; and 500 places for Other Family visas." https://minister.homeaffairs.gov.au/AlexHawke/Pages/2022-23-budget-release.aspx Best regards.
  11. Alan Collett
    Also ... The Partner and Child visa categories are estimated to deliver 40,500 and 3,000 visas respectively (delivery of Partner and Child visas will be subject to demand and visa processing requirements); while 6,000 places will be available for Parent visas; and 500 places for Other Family visas. https://minister.homeaffairs.gov.au/AlexHawke/Pages/2022-23-budget-release.aspx No indication here that the present Federal Government is making any serious efforts to deal with the parent visa backlog, which will surely get a lot worse. Best regards.
  12. Alan Collett
    You can hold GBP denominated assets in a Self Managed Super Fund ... Best regards.
  13. Alan Collett
    PS - re the UK tax that is creditable against the tax payable in Australia on the capital gain: https://www.ato.gov.au/law/view/document?DOCID=AID/AID2010175/00001 Consequently, where a resident of Australia pays foreign income tax on the whole of a foreign capital gain but only 50% of the gain is included in the assessable income of the taxpayer in Australia because the taxpayer is entitled to the CGT discount, only 50% of the foreign income tax counts towards the foreign income tax offset under subsection 770-10(1) of the ITAA 1997.
  14. Alan Collett
    If you're stuck and need help with your UK and/or Australian tax feel able to send a private message to me, or to complete the enquiry form at www.bdhtax.com Best regards.
  15. Alan Collett
    No, there's a process to undertake so no tax is deducted in the UK - in essence a form is to be prepared and submitted to the ATO that leads to the issuing of a NT (No Tax) PAYE Coding by HMRC, so the pension is received on a gross basis. At the same time any tax already deducted under PAYE since the individual became subject to Aus tax only under Article 17 of the Treaty should be claimed from HMRC. FYI here is Article 17 from the UK-Aus Tax Treaty: ARTICLE 17 Pensions and annuities 1 Pensions (including government pensions) and annuities paid to a resident of a Contracting State shall be taxable only in that State. 2 The term "annuity" means a stated sum payable periodically to an individual at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth. Best regards.
  16. Alan Collett
    Sorry - that's not right. The UK - Aus Tax Treaty provides that the pension income is solely taxable in Australia. A foreign income tax offset should not be claimed for the UK tax deducted from the UK pension under PAYE. Best regards.
  17. Alan Collett
    I would contact Contact Whitfords, Hodges, and Buxtons for details of rental properties on their books. Good luck!
  18. Alan Collett
    Distinct lack of rentals on the coast at Torquay/OG at the moment. Tenants have been moved out because the owners want to live there. Maybe look at Point Lonsdale - but it is a tad slow/sleepy. Best regards.
  19. Alan Collett
    Frankly, I think the statement on the Department website is incorrect. There are a LOT of contributory parent applications ahead of you if you submit an application today - about 66,000. Divide that by the number of visas granted in a normal year - 6,500 to 7,000. That's not 64 months. This year 3,600 of these visas are expected to be granted. That's how people get to the 15 year estimation. Best regards.
  20. Alan Collett
    No more free advice from me! I refer you to the last sentence in my last post. Best regards.
  21. Alan Collett
    https://www.gov.uk/guidance/capital-gains-tax-for-non-residents-uk-residential-property Not sure why you think no CGT to consider in the UK? Best regards.
  22. Alan Collett
    The rebasing of the investment property for CGT purposes means it might make sense to defer the sale of this property until after you've become a resident of Australia/ceased to be a resident of the UK. Much depends on when you bought the investment property. As ever, the numbers need to be crunched to get an informed understanding. Happy to have a free chat - if of interest please complete the enquiry form at www.bdhtax.com Best regards.
  23. Alan Collett
    In addition to the above comments ... note that in the Aus CGT calculation the GBP cost is translated into AUDs using the exchange rate of the time. I recall that £1 = close to A$3 back then. So your cost base in the Australian CGT calculation should be uplifted relative to where we are today with the GBP-AUD exchange rate because of the strong £ at that time. If you've got a mortgage watch the forex position too - though the forex rules came in back in (I recall) 2003, so this point might be mute if a present borrowing was taken out when you bought the property. And ... if you're claiming the 50% CGT discount you can only claim 50% of any UK CGT as a foreign income tax offset in Australia. Lots to consider! Feel able to contact me at bdhTax if you'd like the numbers crunched. Best regards.
  24. Alan Collett
    If you have a mortgage on the property check the forex tax position in Australia when the loan is redeemed. Remember also the need to submit a CGT return with HMRC following the sale of the property - you have 60 days following completion to do so, otherwise a late filing penalty is likely to eventuate when you lodge the return. Best regards.
  25. Alan Collett
    This is a very technical area of tax; its unlikely m/any on here will have the answer. Maybe approach a form of expat tax specialists again? Best regards.
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