Steve Elliott

I wholeheartedly agree there should be pathways for successful business operators and would concede that the SIV has attracted many to our shores who have contributed very little to our economy. Having said that I am also aware of some very wealthy and successful business operators who have gone down the SIV track and have created literally hundreds of jobs, paid lots of tax and have transformed struggling businesses along the way.

Business and Investment Visas have been in the crosshairs lately with the program being temporarily suspended while the government undertook another review. There has been much speculation in the media the program will undergo a big overhaul and even some streams destined for the chopping block. Planning levels for visas numbers were set in the May budget and the number of these visas was slashed to just 1950 places for FY 2023/24. While nobody knows what changes maybe made to the current regime which were only tweaked as recently as July 2021, the drums are beating louder with some industry sources advising prospective candidates that the most popular streams will likely be axed with only the stream intended for applicants with $5m to invest being the only stream likely to survive. This visa stream is known as the significant investor stream (SIV) and commonly referred to as the 188c. If these whispers are proven to be true, there will almost certainly be an avalanche of EOI's and applications ready for submission the moment the program re-opens. It is also entirely possible, the rumoured changes may never materialise and the preparation will be for nothing. You just need to be prepared to act at short notice should the opportunity present itself.

This isn't a question for a financial advisor and most financial advisers aren't qualified to answer your question as providing "tax financial advice" requires the adviser is registered with the tax practitioner board in Australia. The answer to your question will no doubt be found in your tax residency status and the relevant timelines. Thus, you really should be talking to an accountant who is familiar with both the UK and Australian tax frameworks. Good luck.

Good point Parley. Even personal recommendations and referrals will not necessarily deliver a great outcome. I would certainly lean towards an adviser who is both independent and who charge on the basis of fee for advice as opposed to commission. Also, not all financial advisers are licensed to provide advice on Superannuation, so that's something to look out for. These days all advice must be delivered in writing through a statement of advice. Many financial advisers have quit the industry in recent years post the introduction of tougher regulation and higher educational standards. This doesn't guarantee you a great result but certainly improves your odds in likelihood of receiving quality financial advice. There's a lot more info available on the government "Moneysmart" website.

Hi Rob You are not alone in your search. I would say there are literally hundreds of companies searching for qualified candidates either directly or indirectly through recruiters. It's an interesting conundrum as often candidates and employers both look in the wrong places. Candidates typically look at the job websites eg Seek but rarely get anywhere (for various reasons) and employers either try and do it themselves or turn to recruiters with very mixed results. The Australian expos in UK, while they promise lots, often they fall short of expectations. I have seen large Australian corporates send over HR teams to recruit at these expos but the generalist expos are simply that, too general. My advice would be to focus on two or three roles you are recruiting for in volume and identify expos, conferences or publications which attract these people. For example in Brisbane last week we had a truck (lorry for Poms!) expo and in two weeks we have an automotive trades expo. Both are huge and will likely attract candidates. The UK has similar expos every weekend but they are not cheap! I have some first hand experience of several large recruitment programs which were incredibly successful. They key is that they were very targeted on speciific occupations where the corporates themselves developed a business plan. They knew the locations where the candidates lived and or where they were likely not content in their roles, they placed strategic adverts , obtained media exposure and invited expressions of interest. The teams literally arrived in the UK and held back to back interviews for several days in a row. They returned to Australia, shortlisted candidates and returned several weeks later to conduct secondary interviews. Interviews occurred in pubs, hotels, rented offices and even park benches on the banks of the river Thames. Some very clever marketing techniques were also used to attract candidates which made the Aussies stand out from the crowd. One project resulted in 200 job offers another 50. The key is recruiting needs to be very targeted and strategic and needs to incorporate knowledge and expertise beyond identifying candidates who have the right skill sets and qualifications. Also another very big consideration is to consider casting your net wider than the UK. I have come across several instances where both employer and recruiter thought the best talent pool existed in the UK. The reality was infact, the best candidates came from elsewhere in Europe. My best advice is to do your research, develop a plan, sell the plan to the employer, then build a good team then execute. You also must not underestimate the value proposition to the candidate and understand there is so much more involved than a local UK recruitment mandate. It will be an expensive exercise and the employer needs to understand that and must be willing to make the investment. It should not be a hard sell if you know the facts and can demonstrate the value proposition. Good luck.

As a financial adviser, It is imperative that everyone takes a close interest in their Super not just in terms of fees and performance but also in terms of whether the investment mix matches your individual objectives and risk profile. Your asset allocation, or mix between defensive and growth investments also has much to do with your time horizon in terms of how long you have until your retire and move from accumulation phase to income phase. Also, we all need to be very wary of heavily promoted schemes which target those with passive super investments. This is a huge topic, further complicated by some big differences between the respective pension/super regimes in the UK and Australia. If in doubt, seek some professional advice from a financial adviser who specialises and is qualified in this space. My plate is full at the moment but there are some very good advisers out there.

I watched the minister's address with a group of fellow migration agents. The whinging and whining I refereed to seemed to come from a whole bunch of people (both clients and other stakeholders) who mistakenly expected the minister to deliver more detail and specifics. That was never going to be the case. Several visa categories were never mentioned and some of the comments made by the minister were clearly misinformed. We now have to wait for further detail in next weeks budget and further ministerial releases. Stay tuned.

Linda - I'm not sure where I singled out "parents" as the whingers and whiners. There are many groups who are totally frustrated with the current dysfunctional state of affairs. Indeed there are too many to mention. While the Government recognises the entire program is overdue a complete overhaul, it has decided to prioritise skills visas. This doesn't mean parents, partners or business migrants aren't important, its just that skills are of a higher priority for the Australian economy. At the moment, many top quality candidates have been putting Australia on the "too hard basket" instead preferencing other countries with faster pathways to PR. I'm pretty sure from the minister's comments, reform will extend to the family streams in due course.

At the end of the day, what was presented by the minister yesterday was vey high level and short on detail. The legislation is still some way off, so little point at this stage jumping at shadows! - Generally, the proposed reforms are being well received but many groups out of self interest are whinging and whining. The harsh reality is that the reform is about both fixing a broken system, overhauling it so it is better positioned to address skills shortages. What was reassuring was the minister recognises processing times have been unnecessarily long and they will be attempting to fix that with suggestions, some visa applications will be decided within days as opposed to months and years. Stay tuned!

Hi Gary I would suggest talking to your accountant. I am asked similar questions all the time in my role as a financial advisor and migration agent and while I believe I have a very good grip on the issues and indeed the answer, I am simply not licensed to provide tax advice so I refer all such questions back to the accountant as it's not worth the grief, if I get it wrong. A bit like doing my own tooth fillings, but worse The answer, however , really depends on your tax residency. That's you starting point!

To throw a spanner in the works, I believe when it comes to City council areas, Brisbane is bigger than both Sydney and Melbourne!!!! -

From a person currently moving my own pension to Australia from the UK, I can honestly state that "in my opinion", the fees involved are only one of several issues you need to consider. Unless you decide to establish your own SMSF, it is very likely you will not be able to roll it into your Australian Super fund. Also bear in mind, the general difference in UK vs Australian Super is that in the UK, pensions are taxable, whereas in Australia, pensions are generally tax free. In Australia, your Super also does not form part of your estate when you die, so in effect you can stipulate who receives your super balance when you die. There are many other issues to consider. In my opinion , too many people focus on fees and exclude other important matters when making the decision. I'm ore than happy to pay professional fees and tax, if I believe I will be better off in the long term.

As Andrew says above, if you are 55 or older, then it is an option, otherwise it's not an option for you. Once you have decided the pros and cons, then you need to determine whether you transfer it to the one and only HMRC approved QROPS managed super fund or whether you go down the Self Managed Super Fund pathway. You need to have a discussion with an expert who can provide you with objective and unbiased advice in this regard. I am currently in the process of moving my UK private pension at the moment. There are many benefits in bringing your private pension to Australia but there are a number of very strict rules which you have to comply with. These are rules imposed by the ATO in Australia as well as HMRC in the UK. An SMSF is not for everyone and you must obtain professional a advice as the consequences for falling foul of the rules can be severe.

I am assuming you are no longer physically in Australia?. If you are still in Australia, I would suggest you connect with and seek advice from a registered migration agent. Otherwise, do a fresh application. It doesn't take long to complete. Just have the old one handy when inputting the required information.

As a general rule, monies going into pensions/super in the UK are not taxed on entry but are taxed when you draw your pension. In Australia, it's the other way around. So, sometimes it is worth taking a hit in the early years, in order to maximise the benefit in your later years. This is a very general observation and there are exceptions. I'd strongly suggest talking to a specialist in this area.