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Ken

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Ken last won the day on September 28 2016

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About Ken

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  1. You will pay more tax if your investments are in an ISA. They're not tax free in Australia.
  2. Ken

    The (all new) Brexit Thread

    27 countries with one currency? That doesn't score you many points for accuracy. 19 countries with one currency or 27 countries with 9 currencies would score more.
  3. Ken

    Stocks & Shares ISA

    If you sold while in Aus then it would be subject to Capital gains on the gain made between you becoming permanently Tax resident and the date of sale. The double taxation agreement means you can deduct the tax paid in the UK from the tax due in Aus and so only have to pay tax in Aus where the Aus rate is higher. All very well except when it's tax free in the UK that means you still have to pay the full amount of Aus Tax! Permanently leaving Aus is also a Capital Gains Tax trigger. You should pay Capital Gains Tax on the gain your ISA made at that point (even though still unrealised). I doubt many people do actually pay up - but that's what the rules say and as information sharing between different tax authorities grows all the time then sooner or later the ATO will pursue this.
  4. Ken

    The (all new) Brexit Thread

    Out of a population of 60million only 3,918 people are talking about getting Brexit done! Says it all really.
  5. Ken

    Is Australian Super taxed in the UK

    One change does appear to be in the taxpayer's favour. Provided I'm reading it correctly 25% of a lump sum payment can be taken tax free (same as with a UK pension fund). That wasn't originally the case. An Australian Superannuation fund (other than an SMSF) appears to tick all the boxes under PTM112200.
  6. Ken

    Mortgage Guidance

    Yes, these days if you have an ABN you need to wait at least 2 years before having any chance of a mortgage. Weirdly employees (who are obviously at far greater risk of losing their jobs than the self-employed unless the self-employed person only has one customer) need far less history.
  7. Ken

    Setting up a business

    Going to be a headache both for the Australian partnership and for UK tax on the partner in the UK. You can end up with a taxable profit in the UK which is different to your share of the profit in Australia due to different accounting and tax rules. Setting up an Australian company would be much simpler than having a trans-national partnership (everyone knows where they are once the only international tax issue is the dividend) - but whether or not it would be the best solution in the long run is much harder to say. FYI the equivalent of a UK limited company in Australia is a Proprietary Limited Company (Pty Ltd) while what is called a Limited Company in Australia is a PLC in the UK.
  8. Ken

    Money Transfer to Australia

    I know it can cause confusion because both immigration and the ATO use the term "resident" but they each have their own definitions. As far as the ATO is concerned a validation trip is only a visit and has no impact on your tax residency. They'll consider you to be resident in Qatar until you actually move. As a foreign resident you'll be subject to withholding tax on your Australian interest but not actual Australian tax (unless you have other Australian sourced income) up until you permanently relocate. A validation trip can be used to identify yourself at an Australian bank branch so you'll be able to return funds to Qatar without permanently relocating should the need arise (I can see that's not your plan but it's always good to have options).
  9. Well that's not going to help. It's almost impossible to wring something's neck with a gun.
  10. Ken

    The (all new) Brexit Thread

    You must be thinking of the referendum on leaving the EU which was held in that year. There has however been no referendum on leaving the Single Market of the EEA. Brexit means Brexit -no less and most importantly no more. Any attempt to expand its meaning to cover more than Brexit requires another referendum.
  11. Ken

    The (all new) Brexit Thread

    They didn't actually hold a referendum on giving women the vote. Are you suggesting one should be held?
  12. Ken

    The (all new) Brexit Thread

    Depends on who is doing the ranking and what they are scoring. In any case Brexit hasn't happened yet (some of the negative effects have come into play but no where near all of them).
  13. Tinted windows do the same job as nets - during the daytime you can see out without anyone being able to see in. At night (whether you have nets or tinted windows) you close the blinds.
  14. Ken

    The (all new) Brexit Thread

    The country has always been ungovernable. Look at the problems King John had back in 1215.
  15. Ken

    The (all new) Brexit Thread

    Based on progress to date it's possible to extrapolate and determine that in 5-10 years time we'll be discussing when Brexit will occur and waiting to find out how long the next extension will be granted by the EU for.
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