Don QuayPoly

Thank you so much Sloth. I really appreciate that.

Having invested in some great advice, I feel a lot more confident. However if anyone can just clarify exactly what this sentence means - “I must dispose of my Australian residence whilst still resident in Australia”. Does this mean that I must be resident in Australia on settlement day of my house sale, or could I get a flight prior to settlement once contracts are signed, and be in the UK on settlement day ? I guess it comes down to just what “dispose” means from a tax perspective. thanks all

Well …. Todays my big birthday … The Big 60. It could be an age thing, but I’ve noticed liquidity in my portfolio! should I see a doctor or a financial advisor?

Thanks Alan. I have done as you advised.

I certainly hope you’re right Parley. But I back paid my NI contributions a few years back, so I should get the OAP too. Every little helps (says Tesco)

Yes InnerVoice, I am fortunate enough to also have the proceeds of the AU house. I will certainly look at getting some pro advice, and thank you for your input.

See

You are absolutely correct. The politicians were too chicken. But unfortunately, the public ( me, you and the vast majority of others) are surprisingly primitive when it comes down to it. Given the choice “Do you want high taxes or low taxes” ? Most would all bleat in unison baaaaa …. “Low taxes”

Thanks Marisa, It's certainly a case of swings and roundabouts. On one day , it seems plan A is the way to go, on the next day, its obvious that plan B is the way. I will look into getting some advice though. ( If I can force myself to open my wallet) I think I might end up doing a mixture of both. i.e take a large chunk of AU super over to the UK, and leave a chunk in AU to draw down. So just typing as I think ....If I take it all tax free to UK, I could invest it there, and only pay tax on the growth. But if I leave it here in AU, I will pay (UK) tax on everything (capital and growth) that I draw down. WARNING - I am about to have a miserable old man rant. Sometimes I think how lucky my parents were, not having all these retirement investment decisions to make. They just went to work till 60\65, paid their taxes and NI contributions, and received quite a good old age pension for life. It seems unfair that these days. Everyone from road sweepers to librarians to car mechanics, needs, not only to make a living, but also study for a degree in economics! It also seems very unfair that just when our brain is going down hill (rapidly in my case), we are tasked with understanding investment strategy! Rant over

Thanks very much for your replies. I take onboard that transfering the lot will indeed simplify my finances, i.e no ongoing transfer fees, and as we all get older, simplifying our finances becomes ever more important. I’m fortunate that I won’t need to purchase a house as I’ll move into my old home which has been rented out. It certainly makes sense to get some financial advice once I’m settled. Thanks again all.

Here I am at the ripe age of 60, and planning the big move back home to the UK. Like most people in this position I'm a sponge for any information I can absorb from others who are willing to help, and I thank you in advance for that. I understand that now I've reached 60 (and retired) I can now access my superfund ,tax free. And if I were to withdraw all of my money and place it in my bank account in AU, it then becomes seen as my personal savings, which I can then transfer to the UK, tax free. Sounds great, but is it really my best option ? Once I transfer it into my UK bank, what do I do with it then ? I guess opening an ISA is one option but apart from that I'm lost. I have no experience of buying /selling shares etc, but I need to put in place a means to fund my UK retirement. So I ask myself, - would it be better to leave some or all in the AU super fund, and draw down a monthly amount ? I realise that this would all form part of my UK income and be taxed accordingly, plus there would be monthly transfer fees. But still ... could it be worth thinking about, or this there a better option staring me in the face. ( Superfund is about $1m ) Thanks all

Did I read that correctly- that the ATO may deem you (me) to have disposed of an overseas asset, when leaving AU ? So , when I left the UK 15y ago, I rented out my old home. Now I’m planning on returning to live in it. Will the ATO really demand a fee, and deem that I have disposed (sold) this asset when I leave ? Sounds like a real kick in the guts. Tax - don’t you just love it

I am REALLY struggling to understand the requirements in order to claim split year on the form. Is it simple. Am I missing something ?

If moving from Australia to the UK part way through a UK tax year, does the number of days resident in the UK matter? I’ve read about a 180 day rule and don’t fully understand what it means. Let’s say we arrive in the UK in July 2023. Would all (worldwide) income received from April 2023 through to April 2024 be reported as UK income? Do conditions apply for split year treatment? Assume no non-dom status.

Hi Alan sorry for the long delay. I have been living in Oz 15 years - my wife is a born Australian. We want to make sure we do things right - so to speak, and have no nasty tax surprises in the process. I guess it would be wise to seek the advice of a guy like yourself in our situation, as the amount we would be taking from Aus , including house sale and super and savings etc would be in the region of $2-3m.