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About Plentymech

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  1. Plentymech

    Transferring House Sale funds (GBP) to Australia

    Thanks all for sharing your experiences, exactly what I was hoping to hear!
  2. We've started the process of selling our UK home and want to get prepared for the money transfer to Australia. I've searched through a number of older similar posts and there's the mention of the popular choices such as Moneycorp and XE which I've used both for years now but given this is a much larger than normal transfer, does anyone have any good or bad experiences with dealing with banks etc.? I understand as long as whoever handles the transfer are legitimate then it's down to fees (if any) and of course the rate but for some reason I can't explain, I've always thought of MC and XE when moving smaller amounts and been very happy with them so if they are a good go to for house sale fees then more than happy to use them and will be calling them anyway for a chat. Thanks all.
  3. Plentymech

    selling a house in the UK from Australia

    We’re going to be doing exactly this within 18 months. I’d heavily suggest contacting an account skilled in both country’s tax laws such as Alan Collet who’s frequently mentioned on here and will be handling my CGT submission when the time comes.
  4. Plentymech

    Changing UK bank address to Oz

    Thanks all. The account is pretty active as we receive rent in it and have several direct debits. Also, as mentioned its useful for birthdays and those sort of things. I'll call them Monday and change it.
  5. Plentymech

    Changing UK bank address to Oz

    Does anyone know if I change my Santander UK bank account to my Australian address that they will still send things like debit cards out here and is there any negative impact to informing them? I'm not trying to get away with anything but it just seemed simpler to not change it as I still had access to my old UK address even though I have been living here for some years. We went back to the UK last year and popped into the bank to sort out a small issues relating to remote banking and we were quite clear about where we lived and wasn't asked to change it. Reason for asking is I received an email from them asking me to declare my TFN to them. HMC&E know we live her and I reiterate, I'm not trying to avoid anything but one thing I've learnt re taxation is to never lie or mislead but at the same time be as reticent as possible. Our records indicate you may have tax obligations in another country. Under the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) we need to hold certain information if this is the case. We’ve written to you previously to tell you that you are reportable under one of the regulations above. We’re missing some information and need you to provide your overseas taxpayer identification number. Any help and information gratefully received.
  6. Plentymech

    Capital Gains Tax

    Hi, we're getting ready to sell our house once the mortgage is paid off as we can't afford to cover the mortgage in the UK and the rent here so we need tenants and unless we want to sell it very quickly, which would probably mean lowering the recommended price significantly to achieve this. The whole CGT dual taxation thing was already giving me anxiety so this is good to read. I will be definitely be engaging with an agent as you suggest when the time comes.
  7. Plentymech

    Rental income from UK

    I've just gone online to submit a UK self assessment which I have done for the last four years or so. This time I have noticed that there is a section at the start that requires you to declare if you are a tax resident in the UK or Scotland and non UK residents cannot use the online assessment and have to use a 3rd party or submit a paper return. I'm not sure if Ive been missing this up to now or it changed recently. I've never hid from HMR&C that we live and work here in any past correspondence etc. I've created a return (using Taxfiler) and now it appears I have lost my personal allowance and will be charge 20% on my half of the rental income in the UK. I've emailed them to clarify this for me but as time is ticking and I've left it to the last minute I was wondering if anyone has heard of the PA being removed for non UK residents? I'd heard ages back HMR&C wanted to abolish it for people like myself but hadn't heard it come into effect. Thanks for any information. Edit: I just saw a line I'd missed in the return which was "Claiming personal allowances under terms of DTA?" Selected this and it took my PA into account and zero to pay, well in the UK at least.
  8. Plentymech

    Capital gains tax.

    We only have the one property in the UK and rent here.That's very interesting what you put and I have not heard that before. Especially so as we've just hit the five year mark so it may be prudent to investigate options before we get to six.
  9. Plentymech

    Capital gains tax.

    Thanks Alan, I believe you're correct and I do not wish to scare anyone.Funds brought into Australia are not automatically taxed (but obviously interest gained on them once here is). I have to declare anything over $10,000 to the ATO but this is just for informational purposes, not taxable and yes I will be seeking advice from you when the time gets closer. Thanks.
  10. Plentymech

    Capital gains tax.

    I'd be an Australian tax resident as I have lived and worked here for the past five years. I've run through the HMRC non resident CGT calculator so have an example the amount due there if or when we sell up but it's the bringing the remaining funds over only to be lose over a third of my house to the Australian Government. Do they do this with people bringing their hard earned savings over as well? I defiantly need to find a suitable accountant / tax adviser to discuss the matter further.
  11. Plentymech

    Capital gains tax.

    I'm wondering if I got this correct. Say I made £250,000 profit in the 5 years since renting out my house I lived in for 10 years previously. According to https://www.gov.uk/tax-sell-home/let-out-part-of-home I can get private residence relief for the 10 years I lived there plus the last 18 months even though I did not live there. That comes to 76.6% of the profit I can claim private residence relief for so 11.5 years = 76.6% of the time I owned the property. I can claim this relief on 76.6% of £250,000 which means I get relief on £191,500 of the profit leaving £58,500 taxable at the current residential rate of 28% CGT equaling £16.380 being payable on the original £250,000 profit. I'm glad I bumped into this thread as I had no idea. The longer I keep my house rented out in the UK and the higher the profit from it rising, the more CGT I will pay when I eventually come to sell it. That's the UK side sorted if that's right. If I wanted to transfer what was left after paying CGT after the sale of the house, I do not understand how it would be taxable in Australia when I have paid the CGT tax on it in the UK and there is the double taxation agreement in place.
  12. Plentymech

    Which company to choose

    I just did a test for a £50 transfer with both my MoneyCorp and HiFX accounts. Current rate for 1 GBP to AUD = $1.7858. For what it's worth this was the results of the rates offered. MoneyCorp: 1.7228 HiFX: 1.7760
  13. Plentymech


    Finally....We are all Australian! We had our ceremony in Dee Why on Monday and were made citizens after nearly a decade from when we first started thinking of the move. The ceremony was such a funny and emotional affair. Ex-PM Tony Abbott was there to boot handing over the certificates. Such a great day!
  14. Plentymech


    We all got an email each and it was also updated on the Immi account at the same time. A letter arrived a few days later confirming the same. Kids got their confirmations 2-3 days after their tests, my wife about 2 weeks after that and I brought up the rear about another 3 weeks after that. I was told at one of the interviews a recently introduced 40 point background / security checks are adding a considerable amount of time to some applications.
  15. Plentymech


    We've now a date for our citizenship ceremonies, 19th March !! (applied 21st April 2017, Sydney)