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About Notts

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  1. Notts

    Medicare vs Private Health Insurance

    If your income is above $88,000 as an individual or $176,000 as a family then if you don't have health insurance then on top of the Medicare Levy you pay the Medicare Levy Surcharge at 1%, 1.25% or 1.5%, depending on income.
  2. Notts

    Any plumbers out there?

    We have a problem with our hot water. It is a Rheem electric water heater/tank at mains pressure. Sometimes when we turn the hot water tap on (any one in the house) the pressure drops off quickly to a trickle - other times it is fine. When the pressure is low, turning the cold water on and off rapidly results in a noise from a valve near the Rheem and a return to full pressure. The problem is more likely to occur after the washing machine has been used - the rapid on/off of the cold water at the start of the cycle results in a 'clang' from a valve. We've had two plumbers look at it - one suggested a problem with the duo valve at the tank's inlet and the other a problem with the pressure limiting valve at the outlet. The second one couldn't explain why turning the cold tap on and off rapidly made a difference. Neither had seen the same problem before. Any suggestions from any experienced plumbers out there?
  3. Notts

    transfering savings/ house sale money

    The ATO's summary of the foreign exchange rules is https://www.ato.gov.au/Business/International-tax-for-businesses/In-detail/In-detail/Overview/Foreign-exchange-(forex)--overview/. There is a profit (or loss) involved where exchange rates move, as your asset is worth more or less than it was before. Of course under a self-assessment regime taxpayers are required to declare all taxable income - it is not about the ATO going looking for gains. They can ask for more information if your return is audited/they suspect something.
  4. Notts

    transfering savings/ house sale money

    The first question is which visa are you on? If it is a temporary visa then you are likely to be exempt from tax on overseas income. Assuming that is not the case: - Yes, gains due to movements in exchange rates are assessable for tax. It is possible to elect for bank accounts holding up to $250,000 (in total) to be exempt. Search the ATO website for the relevant rules. - Liability for capital gains tax arises on the sale, so if you sell before moving then Australian CGT isn't an issue. (The gain won't attract UK CGT as it will be covered by the Principle Private Residence Relief) - Regarding the investment property, yes you will need to consider Australian CGT when you sell it. Currently you wouldn't have to pay UK CGT as non-residents, but this is due to change from the 2015/6 tax year.
  5. There is a distinction between tax residency and temporary/permanent residency for immigration purposes. Holders of temporary visas may be tax resident in Australia - see https://www.ato.gov.au/Individuals/Income-and-deductions/How-much-income-tax-you-pay/Are-you-an-Australian-resident-for-tax-purposes-/ for an introduction to tax residency - but most are covered by an exemption from the requirement to pay tax on foreign income - https://www.ato.gov.au/Individuals/International-tax-for-individuals/In-detail/Foreign-income-of-Australian-residents/Foreign-income-exemption-for-temporary-residents---introduction/. (For example people in a relationship with an Australian citizen or PR do not benefit from this exemption as they are defined as residents under the Social Security Act 1991).
  6. Notts

    Not sure aout tax in oz

    The income will be taxable in Australia, but you will get a credit for the tax you have already paid so you don't pay two lots of tax.
  7. Notts

    Flying with a 7 month old

    There are generally exemptions from the liquid rules when travelling with a baby, for example http://travelsecure.infrastructure.gov.au/international/lags/exemptions.aspx.
  8. Notts

    UK and Australian tax years

    The general rule for employment income is that it is assessable when received, regardless of when it was earned. For example, bonuses paid in August 2014 in respect if the year to 30 June 2014 are taxable in the year to 30 June 2015. This would suggest that any payment received once you are tax resident in Australia should be included in your return. What visa are you on? Most temporary visa holders are exempt from paying tax on overseas income.
  9. Notts

    UK tax returns

    From your own post: Isn't that clearly saying you can't submit using the free online service if you are non-resident?
  10. Notts

    UK tax returns

    The HMRC online system is good, but you can't submit a non-resident return using it - you need to pay for one of the commercial packages to get access to the residence supplementary pages.
  11. Notts

    UK and Australian tax years

    Correct. Overseas income whilst a tax resident of Australia is assessable in Australia (unless you are on some temporary visas), but not income earned before then.
  12. Notts

    UK and Australian tax years

    You have to use the Aus tax year for all entries in your Aus tax return.
  13. As the tax years and rules for tax residence differ between countries, it is possible to be tax resident in more than one country for the same period of time. Regardless of that, British citizens (and some others) are entitled to a UK personal allowance each year, even if they do not live in the UK. This may change in the future, as the UK Government is currently looking at a number of issues relating to non-residents.
  14. Notts

    Urgent answer required for 457 visa application

    That is usually referred to as the subclass, not the number.
  15. Notts

    Tax time....some advice please

    No. Moving money between the two countries does not normally give rise to a tax liability. Did you sell the house before you moved, and then brought the money over? If so there is no Capital Gains Tax as any capital gain was before you moved over. Depending in your visa (temporary or permanent), there is a possibility of a Capital Gains Tax liability if you sold after you moved, but given short time frame it is not likely to be much.