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Just a quick question regarding fx rates and conversions where rates both improve and go against you. Can you basically list all conversions you have made in a fiscal year and summarise them all in terms of NET profit on currency movements? So say transaction 1 from currency ABC to AUD, list the AUD received (today's rate) and compare the ATO rate for the day on which the foreign currency was acquired (or date of moving to Australia for those coming with foreign funds). Then transaction 2 from currency XYZ to AUD, list the AUD received and compare... Then summarise any profits and losses at the end of the year, so movements against you can offset any positive movements?

No brainer - get an HSBC account asap. It makes Citi look like something out of the Tarzan era, in each and every aspect Plus you get very tight currency spreads when converting funds due to the GetRate feature. Plus if you have status (Premier) you can send money between your international account instantaneously... and free of charge.

It still seems like a very good way to get out of the forex trap for small transactions when keeping within the 250k balance election. For debit balances do they meet that the 250k limit is a transactional total for both incoming and outgoing transactions? Are these cumulative over time, say a 12-month period?

Depends on what the account is for. If for everyday stuff/local things I would probably look at Commbank or St George. But definitely give HSBC a look if you need some international services, currency transactions at decent rates, a multi-currency account option with a single account number, instant (and free) transfers between your own accounts in different countries once you have Premier status. Overall HSBC is the only true, global bank there. Some might say Citi, but they are so inferior in every department I wouldn't know where to start.

Anyone use someone local on the Gold Coast? Also have someone in NSW that was recommended by a friend but thought I'd check out any local options first.

Are you asking because you need to make a conversion soon due to some upcoming AUD costs, or rather in terms of switching your savings to a different currency? Long-term I would say stick to GBP and USD as currencies. AUD is very volatile at the moment and things could really get ugly if suddenly the US stock exchange started to rumble...

Interesting read, you can make an election for qualifying accounts under a certain balance: https://www.ato.gov.au/Business/Forex/In-detail/Elections-and-choices/Foreign-exchange-%28forex%29--the-$250,000-balance-election/ Is this a game-changer when it comes to dealing with accounts in foreign currencies under the 250k threshold?

Yes, wife+kids+myself would all be going for the 7-10 day trip.

My next trip will just be a 7-10 holiday and I won't be moving for the "long-run" for at least another 2-3 mths. I take it I will still not be tax-resident until I make the "big move" regardless of what I put on the landing card, where I assume to validate the visa I will need to list everyone as migrating?

Thanks - this definitely opens up a few more doors/possibilities. When it comes to spending 6m+ in Australia do they look at the calendar year or the tax year? I'm looking at a 6-7 mth stay in Australia which would encompass the last 4 mths of 2013 and the first 2-3 months of 2014. If I definitely plan on making this a pre-determined, limited stay with an exit day 6-7 mths down the road could I remain as a non-tax resident for such a stay?

A lot of countries can only issue bills to a single person, so even all utilities are issued in just one person's name. But then DIAC probably knows where such an approach is practised. Of course bank statements are the big ones here so keep those handy too.

If you happened to be on holiday in another EU country then you might get away with doing a police-check there, as in some EU nations they will only issue a police check simultaneously with one from your home country of citizenship. So for instance if you happened to visit Poland during the Euro 2012 football championships and happened to drop by the appropriate office there to request a certificate, then they would automatically issue a local one as well as a UK one after checking your records with their UK counterparts.

Just a few questions on this front based on Jules' and Rupert's information... 1. What happens if due to my work (me - Australian citizen, wife - PR 100) I need to move overseas after we have settled in Australia? Will my wife's 4-year citizenship wait be put on hold then? 2. If we happen to move overseas during the PR visa 5-yr tenure then I trust it would be wise to move back before the expiry date to set things back on track again? What happens then, when the visa expires whilst we are all on Australian soil? 3. If our initial stay in Australia was under 2 yrs then we can only apply for a 1-yr RRV to prolong the PR status and be able to return on the same conditions?

The more passports the better, trust me on that. I would LOVE to add a Singaporean passport if only they didn't require that you forfeit your previous citizenship(s). Every passport helps, and as a global person and 'citizen of the world' you should always look to expand your horizons, never narrow them.

This is entirely normal. I have been asked the same even though our family visa was more of a question of "when" than "if" (Aussie citizen, married for several years, kids, etc.). It is actually a good sign when they ask for those to be honest, this is when things really sped up in our case and it was the first contact we had received after a few months of waiting. How long have you been married if I may ask? They like to be thorough on the relationship front so you can expect the usual asking for "a bit more convincing" to cover that base.

Fair enough, but this is a discussion forum. Most of us help out others in numerous areas, we put time into this and never expect anything in return. Let's not turn this forum into a scavenger hunt aimed at extorting money from users who are simply looking for answers and a fair discussion from others in this community.

How would things look if I were to fly over with the family to validate a PR visa but then after a week fly back abroad for a couple of months (all of us - not just myself)? Would they then treat us all as tax residents even though we still haven't made our proper move to OZ?

Do you already have accounts in both countries? If so then you don't need any other companies. Just make sure before you leave the UK that you raise the limit for foreign bank transfers via internet banking. Depending on your situation, choose Citi or HSBC in both countries for the most seamless experience in handling your finances on both sides. And as I mentioned in another thread, only send money from a GBP account in the UK to a GBP account in Australia.

You can transfer directly between two banks, no need for any other companies to get involved. Just make sure you ALWAYS transfer between accounts in the same currency, otherwise you are going to get hit with very poor rates with the funds being automatically converted into the currency of the receiving account. As someone mentioned, Citi is good for transferring between accounts internationally. If you have your funds in GBP in the UK then open up a GBP account in Australia and then transfer between these accounts. Once you have the funds in Australia you can look at converting them to AUD and moving them to an AUD account. Here you will either need to contact Citi directly to get a better rate (their Gold customers have a special account manager that is assigned to you) or use a dedicated foreign exchange company for this. IMO the best way is to actually have an HSBC account and use their GetRate feature to convert currencies. If you can qualify as an HSBC Premier customer then you can skip Citi entirely and just use HSBC for all your banking needs (just set up a standard AUD account and also the multicurrency one). As a Premier customer your funds are transferred from the UK to Australia free and instantaneously (remember to transfer from GBP to GBP account), and on top of this their GetRate feature will give you super rates when converting currency.

To sum things up, there's no way to move to Australia with family (them on a PR/migration type deal) and not be in full-tax-resident-mode from day 1?

I wouldn't be entering on any visa at all, but the rest of my family would be coming as PRs so it would be a migration thing but how long we will stay will depend on how they like it after the first several months.

So you become a tax resident from the moment you arrive even though you haven't made up your mind yet to stay there in the long-run and you are still getting paid by your current (foreign) employed and not carrying on any business activity in Australia?

Guys, I forgot to mention that all my income will be derived from abroad. I will not be working in Australia (I will not be getting paid from an Australian entity nor will I be invoicing any local companies/persons) but just living in Australia and getting paid by my current company. I work online and none of my work has anything to do with Australia.

I recently met with a tax advisor who asked me if my move to Australia was permanent and if my intention was to stay there indefinitely. I replied that I am far from that decision and that I would like to stay for a year before deciding on whether to move back or prolong my stay in Australia. Upon hearing this he stated that because my income is from abroad and I am not moving for work, and that I still own a property abroad that I intend to keep and possibly move back to (as well as accounts, etc.), my move to Australia could keep me as a non tax resident for the time-being (or for at least the first year that I mentioned before I make a decision) because my intention is not (yet) to move to Australia on a permanent basis. Has anyone been in a similar situation?

For starters the one thing you absolutely do not want to do is send Euros to a AUD-denominated account and have the bank run the conversion automatically. In your case it's either a case of using a dedicated exchange service or having a bank do the currency conversion. The latter isn't necessarily a bad option depending on the bank. With Citi you can usually negotiate the rate in person (especially as a CitiGold customer), whereas HSBC has a GetRate function that keeps the spreads very tight. I once did a check using GetRate and for 10k EUR the rates I was offered online were as follows: At the same time (literally click here and click there)... XE mid-rate: $12,702.56 HSBC GetRate: $12,661.10 So not bad at all IMO. Some have mentioned Ozforex as a good choice but I have never dealt with them before so I cannot comment.