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Ken

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Ken last won the day on September 28 2016

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    PIO Chatter Box
  1. Resident & Non-resident joint a/c? (Aus)

    Yes, it's possible in that you can have a joint account with a resident and a non-resident. Note that the interest will be split 50-50 from the date it becomes a joint account. On the non-resident's half 10% tax will be withheld and none on the resident's (provided the bank have their tax file number) so it will look on the statement as if 5% tax is being withheld. The resident tax payer will however have to put their 50% of the interest on their tax return and pay tax on it at the year end. You'll have to work out if that's in your best interest as a couple. PS. Just re read your original post and realise I need to ask: Are you sure your fiancée is a resident and not a non resident like you? I'm just thinking if you're living in the UK maybe she's an Australian living in the UK which would make her a non-resident too.
  2. Changes to pathway to Citizenship

    Shouldn't be a problem (assuming the work assignment is temporary as opposed to a permanent intention to leave Australia) the rules on the residency requirement are only for it to be met on the day of application. You will of course need to keep IMMI informed of how to contact you and need to return for test and ceremony.
  3. Remortgaging UK Rental

    Hi Paul, There are a love of threads on this sort of subject in the Money and Finance section, but unfortunately there doesn't seem to be a solution. While you found it difficult to find a new mortgage from Oz 6.5 years ago, it was comparatively a lot easier back then than it is now. Back then banks were avoiding (or perhaps more accurately trying to evade or just plain ignoring) Australian Financial Services Regulations. The Australians have tightened up since then and made it clearer that Australian Financial Services Regulations apply to mortgages worldwide taken out by Australian residents (even if you sign the paperwork abroad - which is a dodge that worked at one time). But of course if the property is in the UK then UK Financial Services Regulations apply. Trying to comply with both sets of rules at the same time (which means any communication with or on behalf of the lender must comply with both sets of regulations including that the person you're dealing with is registered in both countries) is practically impossible so most UK lenders have thrown Australian Residents in to the too hard basket. If you find a solution (or anyone reading this has found one) there are a lot of people on PIO who will want to hear it!
  4. Getting a UK mortgage after 7 years in Aus

    I have heard of some lenders who've acted as if they can ignore Australian law where the borrower isn't physically in Australia (including having borrowers fly to New Zealand to sign the paperwork) but the consensus now seems to be that as long as you are an Australian resident then Australian Financial Services regulations apply.
  5. Getting a UK mortgage after 7 years in Aus

    Yes the problem is that if the borrower is in Australia then the lender and anyone who speaks to the borrower on the lenders behalf must have an Australian financial advisor licence and if the mortgage is secured on a property in the UK then the lender and anyone who speaks to the borrower on the lenders behalf must be a UK registered financial advisor. While it may be possible for a corporation to be registered to provide financial services in both countries it's practically impossible to get personnel who are registered in both countries - meaning they're breaking the law and liable to penalties in one country or the other. Regarding Scotland - Scotland has always had a separate legal system from England & Wales and the process of conveyancing and securitisation works differently in Scotland than from England and Wales and this does affect whether or not a lender is willing to lend on a property in Scotland. The largest lenders will all have a Scottish legal department anyway but some small lenders take the view the extra investment isn't worthwhile for what for them will only be a small increase in market size and so don't bother to offer mortgages north of the border.
  6. Perth event will be on Friday 10 November in the CBD.
  7. UK or AU forex broker

    Some Australian banks will hit you with a Foreign Transaction Fee if money is transferred in to your account from an account abroad even when the transfer is from an Australian Dollar account. Using an AU broker will avoid that (as will a UK broker who has an account with an Australian bank in Australia rather than an offshore AUD account).
  8. No, you're not reading if right. You must declare it on your UK tax return and you may offset the tax you pay against your AU tax bill. If the tax you pay in the UK is higher than the amount of tax due in Australia then you pay nothing on your AU tax bill, if it's lower you pay the difference on your AU tax bill but since you still get the benefit of your UK Personal Allowance you pay no tax in the UK and so will have nothing to offset against your AU tax bill. Consequently you just pay the full amount of AU tax. The double taxation agreement stops you from having to pay double tax but it doesn't reduce your tax bill any lower than the higher of the two countries tax bills (and it spells out which country gets first bite - in the case of a rental property in the UK, HMRC have first bite which is the meaning of "Primarily taxed in the UK" - but their Personal Allowance diet means the ATO gets to scoff it all once it is "Secondarily taxed"). You can re-file previous years returns but based on the info you've given you won't have anything to reclaim. An amendment to an Australian tax return must be made within 2 years of the assessment but you can ask to raise an objection to an assessment when outside the amendment limit.
  9. With the capital distribution only a month after arriving in Aus I don't think anyone is going to doubt that the gain was entirely made before leaving the UK and so not liable to Australian tax. If it was say a year later (timescale just as an example not a rule to be followed) you'd have to work out how much of the gain related to the year you were in Australia since that portion of the gain would be taxable in Australia.
  10. Changes to pathway to Citizenship

    You have to meet the residence requirement on the date you apply. Travel after you have applied doesn't affect it. If however you travel before applying then yes, that makes a difference. You need to have been in Australia a minimum of both 3 quarters of the year immediately before you apply and 3 quarters of the 4 years immediately before you apply - or put it another way no more than 365 days outside the country in the previous 4 years and no more than 90 days outside the country in the previous year as at the date you apply.
  11. Some good news for pension transfer to Oz

    $300K. The rules are quite clear. Andy has already pointed out to you that the 5 year carry forward only applies to the $25K concessional contributions cap (allowing you to contribute $125K taxed at 15% in a 5-year period from your pre-tax earnings) and not to the $100K non-concessional contributions cap which allow only a 3 year carry forward (allowing you to contribute $300K in a 3-year period tax free from your post-tax earnings or from foreign pensions).
  12. Barclays Bank

    That all depends on what Barclays security set up is. You'll either be able to do it at any ATM (if they've set the security to allow it to be done at any ATM) or you won't be able to do it anywhere (if they've the security to only allow it to be done at Barclays own ATMs).
  13. Each year, UEA alumni around the world get together to celebrate the University's anniversary. If you attended the University of East Anglia they'd be delighted to see you at this year's events in Melbourne, Canberra, and Perth. MELBOURNE If you’d like to attend the event in Melbourne next week, please contact David Dawson at hellodaviddawson@gmail.com. Date: Wednesday 18 October Time: from 5.30pm Venue: The Bank on Collins. Join us for a drink and then at 6.30pm for dinner. The Bank on Collins is a heritage listed building in the Melbourne CBD at 394 Collins Street. (We have a table for 20 so please book early to ensure a place.) CANBERRA If you’d like to attend the event in Canberra contact Diana Kirby at diana_j_hammond@hotmail.com. Date/ Venue/Time: TBC PERTH If you'd like to attend the event in Perth contact Rob Ross at UEAPerthAlumni@hotmail.com. Date/ Venue/ Time: TBC
  14. Citizenship Timeline for years 2015-2016

    From what I remember it was all travel outside Australia since you became an Australian permanent resident, so if you were outside Australia when you got your permanent residency then yes, that stay in your country of origin needs to be included.
  15. Voluntary NI contributions

    Fully agree that all the rules should be applied equally across the board - but the reason expat get a bad deal is because they are much more expensive to pay. A large proportion of the pensions paid in the UK make their way back to the UK government - in the VAT collected when pensions spend it, in the taxes paid by the companies they buy from, in the PAYG and NI on the wages paid by those companies and in the economic growth you get from having money circulating. In contrast most of the money paid to expat pensioners leaves the UK economy and little or none of it gets back to the UK treasury. It's therefore seen as being a wasteful expenditure.
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