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Ken

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Ken last won the day on September 28 2016

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  1. The word soccer is derived from the word association so clearly came along after the Football Association was established - but it could have taken years or decades.
  2. Ken

    Is it a good move financially?

    Hedge Funds generally pay higher salaries in London than in Sydney (and are rare in either country outside of those cities). Of course if your husband were to score a promotion by moving to Sydney it could still be a good move financially but realistically he should anticipate a pay cut.
  3. Ken

    Pension remittance from UK

    To continue the answers posted by @Marisawright to @newjez 3. I'm assuming that if you are resident in Australia, you would pay no tax on UK pension withdrawal to the UK inland revenue? That's probably right. Pension income is taxed where you are resident under the terms of the treaty but lump sums are a grey area as to whether or not they are pension income. 4. Also, if you are drawing a UK private pension, can you still contribute to sups if you were working in Australia? Yes. Anyone under 65 (working or not) can contribute to Super and anyone over 65 but under 75 who is working in Australia (and under certain circumstances even when not working) can contribute to Super. UK pension income is irrelevant to this.
  4. The name's been taken up by Americans (and Australians) but did originate in England from a time (perhaps the 1930s but I don't really know when) when both (Association) Football and (Rugby) Football called themselves Football and the slang terms Soccer and Rugger were used to tell them apart.
  5. Ken

    CGT on crypto sale for non-resident ?

    There's also the little matter that that_person purchased the Cryptocurrency while resident in Australia. Did they pay the CGT owing when they departed Australia or did they make an election to keep them as a CGT asset?
  6. Ken

    CGT on crypto sale for non-resident ?

    They are a CGT asset for residents. People also hold listed shares for investment purposes. Like Cryptocurrencies they are also not "Taxable Australian Property" and so not normally a CGT asset for non-residents.
  7. Ken

    CGT on crypto sale for non-resident ?

    You have a point. The title is "CGT on crypto sale for non resident" so perhaps he means to sell them in Australia while remaining in the UK and hence non-resident in Australia. If he did have a CGT taxable gain in Australia while non-resident then he would not be entitled to the tax free threshold and would not be entitled to the 50% discount on his gain. Assuming he had no other Australian income that would mean paying 19% tax on the first $26,800 of the gain. He'd be taxed on the gain in the UK as well but the tax due would be reduced by the tax paid in Australia. However CGT only applies to "Taxable Australian Property" for non-residents. Taxable Australian property includes direct and indirect interests in real property situated in Australia, business assets used in an Australian branch, an option to acquire any of the above, or a CGT asset elected by an individual to continue to be subject to Australian CGT after they cease to be an Australian Tax Resident. Consequently cryptocurrency isn't normally a CGT asset for a non-resident and under normal circumstances there would be no Australian Tax to pay.
  8. Ken

    CGT on crypto sale for non-resident ?

    It won't take any time at all to establish his Australian Tax residency. It's ensuring he has lost his UK tax residency that needs time. If the OP is moving back to Australia with the intent of making it his permanent home he'll be tax resident as soon as he arrives and his UK tax residency will end at the same time. But if he turns up, sells the assets and then returns to the UK then HMRC isn't going to accept he ever left.
  9. Ken

    CGT on crypto sale for non-resident ?

    It applies to any CGT assets that you have owned for 12 months or more when you sell them. It doesn't matter if some of that period of ownership was before you moved to Australia or not.
  10. Ken

    CGT on crypto sale for non-resident ?

    If you move back to Aus and sell here then (assuming you've held the asset for at least 12months and they don't change the rules - I mention that as there have been proposals to do so) then 50% of the gain is tax free and the other 50% is added to all your other income (wages, interest etc) and taxed as any other income would be. Effectively you'll pay whatever your marginal tax rate is. If the gain is less than $40,000 (which discounts down to $20,000) and you sell when you are in Australia for an entire tax year and you have no other income in that year then the whole gain will be tax free. If on the other hand your other income in the year that you sell is more than $180,000 you'll be paying a marginal tax rate of 23.5% on the whole of your gain (the top tax rate is 47% but there's that 50% discount for assets held over 12 months - and be warned the rate is higher if you're earning over $180K and don't have health insurance).
  11. Ken

    Have you bought any bitcoin ?

    The people still holding the bitcoin when the music stops will be the losers. The price of Gold is also very volatile, but it has an intrinsic value for jewellery and some industrial uses so it'll never fall to zero even if everyone stops using it as an investment. Bitcoin on the other hand has no intrinsic value and like any other Ponzi scheme relies upon new investors. It will eventually collapse - although it may get to US$146,000 on the route.
  12. Ken

    UK HMRC and Mobile Phones

    Santander send SMS to Australian mobiles for their 2FA so no need for a UK mobile. Some providers won't send SMS to a foreign mobile number but give the option for the 2FA code to go via email or an App.
  13. Ken

    UK HMRC and Mobile Phones

    Just to warn you that you can't file your Self Assessment tax return online on the HMRC website if you live abroad as a non-resident. You either have to use specialist software or file a paper return. This is because the online form doesn't include the SA109 section that you will need to complete.
  14. Ken

    UK Buy to Let Mortgage Solution

    Some lenders have a written policy on what happens if you take out a residential mortgage and then convert to a buy-to-let. Some allow it, some have a fixed additional fee or rate and others prohibit it.
  15. Ken

    Getting a Mortgage in Australia

    It makes no difference to have PR rather than citizenship. Having a light credit history in AUS will be an advantage. Australian credit history is still based on the number of black marks (e.g. missed payments, number of credit applications) detracting from your score not on a good repayment history adding to it. Australian banks don't seem to use salary multiples the way British banks do so it's impossible to say how they take bonuses into account but expect to be able to borrow a much larger multiple of your salary than you can in the UK (not that that's necessarily a good thing). You can expect to need at least 3 months employment in Australia - although if you are transferring from the same employer in the UK that may well be waived. If self-employed you'll need at least 2 years of accounts. Base rates in Australia and the UK are currently identical (0.10%). I'm paying a higher rate on my mortgage in the UK than I am on the one in Australia - although that's because I can't shop around in the UK as it's practically impossible to take out a new mortgage on a property in the UK when you live in Australia. Shop around in either country to find lower rates.
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