Jump to content

tloring

Members
 View Profile  See their activity

  • Posts

    26

  • Joined

  • Last visited

 Content Type 

Everything posted by tloring

  1. tloring
    In March 2015, we engaged expat tax specialists to help us out with the CGT calculation on a UK house sale, that we needed to provide to our tax accountant for our ATO Tax Returns that year. We had had the property valued at the point of emigrating (2011). The sales proceeds minus the valuation at point of emigrating minus the partial main residency discount minus the 50% discount for 12mths+ ownership, reduced the capital gains liability significantly. However, the big kicker was that we could also offset the forex implication of the mortgage from the point of emigrating to the point of sale, i.e. even though the GBP mortgage amount was the same from point of emigrating to point of sale (it was interest only mortgage), due to exchange rate change the cost of the mortgage redemption in AUD had increased significantly; and we were able to offset that AUD forex “loss” against the CG total. The expat tax specialist said that the same calculation spreadsheet could be used if and when we sold our other UK property. We are now selling our other property in the UK. The ATO CG liability for the sale itself will be worked out in the same way, i.e. sales proceeds minus valuation at point of emigrating minus partial main residency discount minus 50% discount for 12mths+ ownership. However, for this property we changed from an interest-only to a repayment mortgage in 2015. This means if I use the same calculation for the forex gain/loss on mortgage redemption value between point of emigration to point of sale, it will actual result in an apparent AUD forex “gain” on the redemption, i.e. our mortgage redemption value is less now that it would have been a point of emigration because it has been a repayment mortgage, so of course the redemption is less. My question is – because we changed the mortgage from interest-only to repayment in 2015 (4 years after we emigrated), I don’t understand how to include a forex gain/loss calculation on mortgage redemption in the overall CGT calculation. I hope this question makes sense, and if so, does anyone have any guidance? Thank you.
  2. tloring
    Thanks Notts. I have always completed by my own UK tax returns but here is Australia I engaged an accountant to complete our first years ones. I will probably use an accountant again for Australian tax year 2012/2013 and I will inform them of what we declared on the UK tax return and let them tell me what tax credit amount we should put on our Australian tax returns. Thanks for the information.
  3. tloring
    Thanks Alan, I will get going on my UK tax return including rental income. Not sure how I extract myself from the HRMC self-assessment list? Also I don't know how the UK HRMC and ATO know that I have submitted my rental income on both returns. I know there is a double taxation agreement but is there not a risk that I just get taxed on the rental income twice if the double taxation agreement calculation doesn't get triggered for me. I suppose what I don't understand is how does each tax office know about me and how do they communicate so I don't get taxed twice? Regards,
  4. tloring
    I am UK citizen, migrated to Oz 21 months ago on 100 spouse visa. Wife is Oz citizen and two kids are citizens by descent. I didn't have a job when we arrived (thankfully found one quite quickly though). _shel has is spot on in terms of our experience. I could not claim unemployment benefit but we were allowed to claim family tax benefit, rent assistance and childcare allowance straight-way. My wife was asked if she wanted to claim for NewStart but she was not actively looking for work so did not qualify. Our experience of Centrelink staff are that they were very helpful and wanted to find ways to assist, so much so that we started to feel a little guilty. However, choose the time you go to Centrelink offices carefully, you can wait forever; avoid lunch times and preferably be there as they open the doors in the morning and join the queue already there.
  5. tloring
    My wife and I (plus our 2 kids) have been in Oz for almost two years. Wife is Australian and I am on permanent spouse visa. Been through first full tax year last year (2011/2012). UK and Australian tax returns last year were a nightmare given leaving UK employment, cashing in UK investments, capital gains, start of Australian income etc. etc. This tax year (2012/2013) is going to be a lot more simple, however, we want to know whether you have to declare UK rental property income on both UK and Australian tax returns? We have two rental properties in UK with income, we have a couple of bank accounts mainly to service the rental properties. That's it in the UK now, nothing else. We have just received UK 2012/2013 tax return forms and before we started completing them we realised that we didn't know whether we have to declare UK rental income on both UK and Australian tax returns or just on one, and if so which one? If we declare rental income on both tax returns will the Double Taxation Agreement between UK and Australia recognise this? Our worry is there will be nothing else on the tax return that might trigger the Double Taxation Agreement calculations, i.e. no UK employment income or other UK investment income. Is there anyone out there in the same situation who can advise on the above. Many thanks in advance.
  6. tloring
    Thx MaryRose02, It is looking that way but I can't find a tax accountant in Oz that knows UK HMRC rules in enough detail especially regarding first year migratees (is that a word? ;o) ).
  7. tloring
    Andy, This is much appreciated. Luckily (!?!) the transfer was so far below the LTA that I don't think there is any need for me to be declaring the transfer on my UK tax return given it has gone into an QROPS approved scheme. Thanks again.
  8. tloring
    My family and I permanently migrated from UK to Australia 4 months into the UK 2011/2012 tax year and hence 1 month into the Australian 2011/2012. I worked in the UK during the UK 2011/2012 tax year (PAYE) and have worked in Australia during the Australian 2011/2012 tax year (PAYG). I am now in the process of completing my UK 2011/2012 tax return resulting in a significant number of questions. I hope that this forum's moderators will not mind that I start a number of threads with each question but I believe the thread name will be useful for other users to search for. I worked for 3 months (Apr - Jun) in the UK (PAYE) during the UK 11/12 tax year; I got a job in Australia on 31/10/11 and therefore for the last 5 months (Nov - Mar) of the UK tax year I have had Employment Income from my Australian employer (PAYG). Do I need to declare on my 11/12 HMRC tax return documentation both my UK income AND my Australian income during the UK 11/12 tax year? Clearly when it comes to the Australian 11/12 tax return I will not be declaring any UK Employment Income because the tax years are different and I didn't earn any UK Employment Income between Jul'11 and Jun'12. Any assistance greatly appreciated.
  9. tloring
    I apologise that I have posted this question on another thread but only saw afterwards that this forum is specifically about Pension transfer questions. My family and I migrated from UK to Australia 4 months into the UK 2011/2012 tax year and hence 1 month into the Australian 2011/2012. I worked in the UK during the UK 2011/2012 tax year (PAYE) and have worked in Australia during the Australian 2011/2012 tax year (PAYG). I am now in the process of completing my UK 2011/2012 tax return resulting in a significant number of questions. I hope that this forum's moderators will not mind that I start a number of threads with each question but I believe the thread name will be useful for other users to search for. My wife and I have transferred a number of Final Salary Pension schemes from the UK into QROPS approved Super funds. The QROPDIRECT.COM website states: 'The transfer to a QROPS plan is tax free.', hence can I assume that I do not need to declare these transfers anywhere on our 2011/2012 HMRC tax return documentation? Any assistance greatly appreciated.
  10. tloring
    My family and I migrated from UK to Australia 4 months into the UK 2011/2012 tax year and hence 1 month into the Australian 2011/2012. I worked in the UK during the UK 2011/2012 tax year (PAYE) and have worked in Australia during the Australian 2011/2012 tax year (PAYG). I am now in the process of completing my UK 2011/2012 tax return resulting in a significant number of questions. I hope that this forum's moderators will not mind that I start a number of threads with each question but I believe the thread name will be useful for other users to search for. My wife and I have transferred a number of Final Salary Pension schemes from the UK into QROPS approved Super funds. The QROPDIRECT.COM website states: 'The transfer to a QROPS plan is tax free.', hence can I assume that I do not need to declare these transfers anywhere on our 2011/2012 HMRC tax return documentation? Any assistance greatly appreciated.
  11. tloring
    Thanks Marnie. This is really helpful.
  12. tloring
    Thanks Susie. I hope someone can help because it is a little confusing. Thanks again. Tristan
  13. tloring
    I have searched PIO threads and not found this specific question posed or answered. On the HRMC P85 form there is a section for "Income from UK Property". It allows for only the identification of a property, e.g. "name and address of the person paying you"; "tell us how you will be paid - put X in one box". However, we will be leaving two UK properties when we move to Oz. One is rented out via a letting agency, the other is our current house that we have been unable to sell and hence we are going to rent directly to some acquaintances. We will be completing HMRC NRL1 forms for non-resident landlord within which you can declare all rented properties in more details. Finally, after mortgage and legitimate offsets, we will make small losses on both these properties (we do not have then for profit). Hence, my questions are: 1) If we are completing NRL1 forms do we need to put anything on the P85 forms? 2) If we do have to declare income from UK properties on the P85, how do we get around the fact that the form restrictions the declaration to a single property? 3) Given we are making losses on these properties, do we identify these are negative amounts on the P85?. Hope someone out there can help. Many thanks.
  14. tloring

     

    <p>Thanks swifty. I am really relieved. Not getting the visa would have ruined our family plans.</p>

    <p>I'm afraid I have been pretty cr*p at keeping up to date on PiO. I have been travelling with work almost non-stop for the last 4 months. However, that will soon stop once I announce my news to work. Then I will be frantically looking at all the threads about international shipping etc.</p>

    <p>Congrats and good luck in Melbourne.</p>

     

  15. tloring
    We are off to Brisbane - where wife is from. We are not in any rush and leaving in late July. However, this still seems like too little time to sort the house out, decide what is going and what is getting binned, and then trying to sell the house. I work away a lot and my wife looks after our 2 under 4s without any family support! If your OH is already over in Oz, I assume that you have done all the international removals that you need to? Any advice?
  16. tloring
    Well done to you to Mikeslady. Luckily I have been aware on business so much over the last 4 months that the time seems to have gone quite quickly but lurking there in the back of my mind was whether the visa would be granted. It would have really screwed up our plans if it had been rejected. Where abouts in Oz are you headed for?
  17. tloring
    Well done swifty. Congratulations. You have probably answered this elsewhere in this thread but where are heading to?
  18. tloring
    Have not been a regular to this thread but did post about 4 months ago. Just thought I would let people know that having lodged a Subclass 309 Spouse visa application in the middle of Sept'10, less than 5 months later I have been granted my visa. Also they said there was sufficient evidence of my relationship with my wife that they have made it the permanent Subclass 100 Spouse visa. I have to be in Australia before 11th August, 2011 under the terms of the visa. Now the hunt for an international removal company. Good luck to all of you who are applying, the wait is frustrating but timeline appears to be 5 months if not just less.
  19. tloring
    Thanks sharonp53 & yugoj. I sent requested information off first thing this morning. It does sound like good news; saves hassle of re-applying for permanent visa later. It would be great to get it granted sooner than the 5-6 months that they are now quoting, we were hoping to get the house on the market sooner than 6 months time. Our situation is so straight forward: my wife is Australian; I am British (never lived anywhere else but travelled quite a bit); evidence of being in relationship for 8 years, evidence of 5 years co-habiting, evidence of 4 years married; two children in last 3 years (both have Australian citizenship); no previous marriages or previous children (my wife or me); no criminal record; no medical issues; evidence that we are taking sufficient assets to cover two years of unemployment if necessary; nothing complicated. I can only assume 6 months processing in our case will be because after initial checks our file goes to the bottom of the pile to re-surface in 5.5 months time for our c/o approve (or not!!!). Thanks again for you experiences.
  20. tloring

    <p>Dear swifty99. Looks like you submitted your application same time as I did. If it is okay with you I am going to "Befriend" you (to use the PiO terminology) so that we can compare timing notes. Ta.</p>

  21. tloring
    Living up to your username:biggrin:. I am generally optimistic about things (I need to be to counter my wife's half empty glass), so I think this is an encouraging communication from the c/o. Thanks for reply.
  22. tloring
    Got case officer assigned today, 4 working days after application received - so pretty pleased with that timing. But I am interested in what you guys think of the following: I've applied for Partner Visa Subclass 309, i.e. the temporary visa. I sent a lot of information & evidence with the application about my relationship with my wife over the last 8 years (last 4 years married). C/O has requested more evidence of our 'long term relationship', specifically mortgage statements, bank accounts and/or utility bills in joint names between Sept 2008 and Dec 2009. The c/o's email says this is required to "assess whether you meet the definition of being in a 'long term relationship' with your current sponsor (and so may be eligible for the grant of a permanent visa, rather than a temporary visa)". I am not sure whether this is good news, i.e. he might be looking at processing this application as a Subclass 100 which would avoid applying for permanent visa within the two years of a Subclass 309 being granted. Or whether I just didn't submit enough evidence with the application. And also why the focus on Sept 2008 to Dec 2009? Any thoughts or similar experiences?
  23. tloring
    First off congratulations to those that have recently received their visas and good luck to those that are waiting. As I posted on this thread yesterday, I have submitted my Partner Migration subclass 309 application today. As an aside - SR1992 started this thread in April last year. SR1992 was applying for the same Partner Migration visa as I am, i.e. 47SP Subclass 309, and back then they were talking about a 12 week turnaround time. As I read more recent posts I see a theme that the visa application process is taking 4 months or longer. So is there a longer lead time now than 18 months ago? P.S. Will I worry about this application? Of course! Will I tell myself that worrying about wont help? Of course! Will I continue to get stressed about it? Of course! Human nature I'm afraid - and I am not a particularly stressy person.
  24. tloring
    My first contribution to this thread, although I have been reading it for ages. I am British, my wife is Australian, we have two children born in UK but Australian by Descent. We currently all live in UK but are looking to migrate next year - Jul'11. Therefore, it is only me that needs to apply for Migration visa (Partner Migration - subclass 309) As of tonight I have completed everything for my application (2 painful months in the preparation!). We have not use an agent as I figured that our case is relatively straight-forward. Only complexity is that my wife has been in UK for 10 years and as my sponsor has had to provide additional commentary on how she will be able to fulfil her sponsorship duties once in Oz - but we are taking quite a bit of money & assets when we migrate, which we have declared in the evidence, so hopefully this will help. Character (police) checks done - tick. Meds done last weekend at Brentwood Hartswood Hospital - tick. All statutory declarations and evidence done - tick. 47SP, 80 & 40SP all done - tick. All necessary certified documents done - tick. So I will be submitting tomorrow via special delivery to Australian Embassy, London. The clock will start ticking then and I will keep this thread updated with the timeline. Fingers crossed.
×
×
  • Create New...