KirkyG

Thanks everyone for your replies.

Dear all

Am just after a bit if help and advice.  My mother has been diagnosed with dementia and Alzheimers, and my sister (who lives in the UK) and myself (who does not) would like to set up power of attorney for us both to be able to help manage their funds/pay bills etc.    

I have been to the following web site https://www.moneyadviceservice.org.uk/en/articles/setting-up-a-power-of-attorney#what-is-a-power-of-attorney but I guess my question is that as my father is still capable - can he sign the form on my mums behalf?  

I have yet to check but if the bank accounts and corresponding bills are all in my mothers name, how do I get her to sign/approve the forms?

Many thanks in advance for any help that can be provided.

KirkyG

I'd second and third this. They have been invaluable in helping me navigate my tax affairs in both UK and AU.

GMTax is my recommendation also.

So potentially two of the main differences from a financial point of view:

 

One has been mentioned, generally temporary residents only pay tax on Australian sourced income, not worldwide income therefore it may or may not make a financial difference depending on whether you have assets/investments overseas.

 

The other has been touched upon, housing, so in addition to having to give consideration to buying as a temporary resident from the point of view if permanent residence isn't obtained the house would likely have to be sold, the other factor is raising finance as generally temporary residents can only borrow 80% of the property value whereas permanent residents can borrow up to 95%.

 

 

Regards

 

Andy

As a 457 visa holder you also have the opportunity to withdraw your Super contributions (but be taxed on them) when you leave Australia. Once you went PR they would be locked in until retirement. Also you would have to pay for schooling in NSW (and other states)

I found that most lenders would only lend me an amount for the term of my 457 visa.

I have just a few bottles of expensive wine which are from years or our birth. They have travelled across the world with on a few international moves and I lost count of number of times I have had to pay tax on them! I hid them in luggage this time though as I was fed up with it. It is only three bottles though, there is no hiding 300.

Let me know what you end up doing.

They've agreed to go. I'm selling with vacant possession

Ouch! Hope my tenants behave better than that!

I don't think that is correct. The six year rule is nothing to do with the UK for a start, it is an Australian thing.

 

The rules in the UK changed this month too, so OP needs to look at that.

Agreed, sorry for being unclear, my understanding of the situation is

The CGT in the UK has been reset as at the 5th April, so whatever you paid for the house is irrelevant. You need to understand the valuation of the house as at this date eg. House valuation as at 5th April = 400,000, House sale price = 410,000 means a capital gain of 10,000 which is taxed appropriate to your tax band. If you sell it at the same amount as the valuation then there is no taxable benefit.

The CGT in Oz is as follows; IF the house in the UK was your last primary residence and you have not purchased property in Australia, then you have 6 years from the point at which you last resided in that house before there is a capital gain due.

Both the above are appropriate to my situation but in cases like this I thoroughly recommend taking expert advice.

Big day today - accepted an offer on my (tenanted) house.

Thanks

What do you have to do to become a citizen? If you have been here for 4 years (2 as PR) is it as simple as booking a test and then apply for a Passport?

I'd recommend Alan Collett and his company highly. I used to use a general Australian accountant and I have been given advice that didn't take into consideration my UK tax position accurately on a number of occasions. I have just signed over to GMTAX.

This is what I did until such time I was able to cover the balance.

I need to send some documents back to the UK and I want to guarantee (and have confirmation) that its received. Is there an Australian equivalent of registered post that will work overseas?

PM sent

Thanks Andrew

Hi Just a question from me. Does anyone have any idea what serves as a valuation? I have an email from a hotmail account from my estate agents - But I'm pretty sure the HMRC won't accept this. What is an 'official' valuation for HMRC purposes?

Dubai airport is mental nowadays!!!

I miss M&S.

We have been in a rental for 2 years which had a chicken hutch, which has been great for the boys (not to mention the 3 fresh eggs a day!). But now we are having to move and it is unlikely we'll find somewhere that can house them. How can I find them a good home?

The only problem with the VPN blockers is that you have to watch TV at an inconvenient time, not all programs are on iPlayer etc,....

and what about white goods? Are the big chains really the best place to go?

Cheers Flappers