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Alan Collett

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Everything posted by Alan Collett

  1. Alan Collett
    While its possible to have a no gain/no loss disposal for a UK property sale when computed under Aus rules in my experience when running the numbers there's always a capital gain or loss due to the exchange rate movement: > Cost base = GBP value translated at the rate of exchange when you acquired the property > Sale proceeds = GBP proceeds (after deducting costs of sale), translated at the rate of exchange on the date of the disposal Best regards.
  2. Alan Collett
    You include the capital gain or loss on your 2023 Aus tax return. Best regards.
  3. Alan Collett
    https://www.gov.uk/guidance/capital-gains-tax-for-non-residents-uk-residential-property Suggest you might have a look at the UK compliance requirement to submit a CGT return with HMRC within 60 days of a sale completing - whether or not there's any CGT to pay to HMRC. Please feel able to ping an email or private message to me if you need any assistance with this. Best regards.
  4. Alan Collett
    The UK CGT annual exemption is of no relevance to the amount of the capital gain that is to be included on your Australian tax return. A couple of questions (if I may): > You've lodged the required CGT form with HMRC in the UK? > You have a CGT computation prepared under Aus tax rules? Best regards.
  5. Alan Collett
    77k applications for CPVs as at 31 July 2022 (I've done a Freedom of Information request of the Government and got details about 10 days ago). How many to be granted in years to come? 7k maybe (that's been the typical number in previous years) - or the new Immigration Minister might be responsive to overtures and pleadings from CPV applicants and their families in Australia by increasing the annual quota (10k? 20k?). I think 15 years is too pessimistic. 6 years is unrealistic given the present parent visa program settings. As to strategy - an onshore parent visa application maybe, if one of the parents is aged (as defined). Happy to have a freebie chat; feel able to contact me by email (see below). Best regards.
  6. Alan Collett
    Maybe have a chat with one or two forex companies and get an account open so you can trade (sell GBPs and buy AUDs) when the exchange rate is where you'd like it to be? The private client area at these companies can keep a watch on the exchange rate and discuss expectations/set a target exchange rate for you. That's what I'd do! FWIW! Best regards.
  7. Alan Collett
    I doubt that a relationship with HSBC will count for anything in Australia. At a personal level I've never had a major issue with Westpac - nor with CBA before that. Agreed though that the second tier banks can be worth a look - though these are owned by the big 4 these days. I perceive that most migrants are just looking for a transactional banking facility at first, which includes internet banking and a debit card attaching to the bank account. So to the OP: yes, try your existing bank, but I'd also explore one of the big 4 if you need a BSB ( = sort code) and an account number so you can transfer your funds to Australia from the UK. Best regards
  8. Alan Collett
    Because Westpac is in Australia, has a significantly higher presence in Australia. and more relevant banking solutions for someone living in Australia than a bank in the UK? I've got a NatWest account in the UK and can operate an AUD denominated account with them - but I don't because it doesn't provide me with service offerings that are relevant to me as an Australian resident. Best regards.
  9. Alan Collett
    Maybe have a chat with one or two of the specialist currency transfer firms - feel able to ping an email to me (see below) if you would like contact details. These firms usually have an entry into the banks in Australia. Unfortunately the big 4 Aus banks have now closed their operations in the UK; it used to be possible to open a bank account by speaking to someone in the right time zone before you departed for Australia. Maybe speak with Westpac? That's who I bank with and I've found them as good as any. Here are contact details where I believe you can open a bank account: Best regards.
  10. Alan Collett
    Why did you submit an Indian tax return please? For what visa subclass? Best regards.
  11. Alan Collett
    Yes - different visas = different requirements. Best regards.
  12. Alan Collett
    I think it unwise to comment on morals - we each have our own compass on such things. The legal position is that until exchange it is open to both parties to step away - as I'm sure you know. The purchaser could just as easily withdraw. Best regards.
  13. Alan Collett
    This is the income requirement for the sponsor. The sponsor can only be the person/s identified in the extract you have posted. Best regards.
  14. Alan Collett
    Your memory of UK tax serves you well! Happy to have a freebie initial chat with any who need assistance with their tax affairs. Best regards.
  15. Alan Collett
    I don't understand your question - sorry. Are you referencing the Assurer? There is no Assurer with subclass 870 applications. Best regards.
  16. Alan Collett
    Who is this guarantor that you are referencing please? The sponsor underwrites costs such as claims on Medicare by the subclass 870 visa holder. Best regards.
  17. Alan Collett
    The BV will come into effect when she stays in Australia longer than the period permitted by her visitor visa (3 months). Once the BV is in effect the visitor visa falls away - your mother is then in the BV regime and should get a BVB if she wants to travel overseas and return to Australia. Hope this helps.
  18. Alan Collett
    What does the letter say?! Best regards.
  19. Alan Collett
    https://www.gm-parent-visas.com/subclass-870-visa-applications-the-latest-statistics-from-go-matilda-visas/ The latest statistics on subclass 870 visa application numbers. Might be of interest to some. Best regards.
  20. Alan Collett
    Putting your visa strategy to one side - it is likely to be best to set up a new Australian entity with a UK bank account attaching to that entity (Wise can facilitate this; I have this with my tax practice and several other business clients of ours have done the same). If you'd like an initial freebie chat please feel able to ping an email to me at my bdhtax.com email address. Best regards.
  21. Alan Collett
    Allianz still insure the over 70s - but this is clearly an issue for those who can't access Medicare under a RHCA. If you'd like details of my contact at Allianz please ping an email to me. Best regards.
  22. Alan Collett
    Hi Angela. Have a look into Foreign Service Relief in the UK in respect of lump sums received from foreign pension funds. If unclear please feel able to contact me at bdhtax.com Best regards.
  23. Alan Collett
    Speak with the agent - I fear there's not really a lot we can do on a discussion forum ... Good luck!
  24. Alan Collett
    In my view there's not a one size fits all response to this question. There are clearly benefits of having permanent residency - but it comes at a cost. Personally I think the 804 visa pathway is likely to close as an avenue for new applicants - 360,000 people in Australia on Bridging Visas at the last count (and increasing) is clearly not sustainable and brings the system into disrepute. Best regards.
  25. Alan Collett
    Yes, with a Power of Attorney signed in favour of the solicitor documents pertaining to the sale of the property can be signed in your absence. Check also whether there's a need to file a Non Resident CGT return with HMRC within 60 days of completion: https://www.gov.uk/guidance/capital-gains-tax-for-non-residents-uk-residential-property#overview Best regards.
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