le petit roi

What have I missed? :-)

Has anyone any knowledge of how the ATO treat shares held by an individual if that individual later leaves the country? For instance, is it a simple case of changing the address on the shares register to the new overseas location and nothing more to be done or do the ATO want a share of the gains - even though the shares wouldn't be getting sold and any profit/loss would be wholly on paper? Cheers

I agree with the last bit. However, in my case, the discussions I've had with one or two financial planners in my time here has been..ahem, 'enlightening'. I wouldn't have trusted them to organise a raffle never mind my financial future. It pays to take a little time to get the right person and not just jump straight in. For clarity, my comments are not directed at any of the financial people on this site, whom I have never had any form of contact with.

If you find it difficult to open a new current account with a UK bank, perhaps you can ask the ATO or the Govt Finance Department (http://www.finance.gov.au/contact-us.html) how you are supposed to transfer funds into Australia. A couple of months ago when on holiday in the UK, I found that the UK banks wouldn't touch an Oz resident for opening a bank account due to Australian finance laws. Maybe I should ask them myself and report back...its irked me ever since.:smile:

Buy an overpriced house with next to no cash flow, rent it out at a rental loss, claim loss from Govt via tax system....not difficult to grasp the basics of the aussie psyche :-)

Unless there have been changes and if I remember correctly, in the UK the value of a fund isn't necessarily the transfer value realised. Many years ago while I was residing in the UK I looked at transferring one pension pot into another and the transfer value was derisory....it bore no relation to the amount I had paid in never mind any capital growth which had been achieved over the years. At that point, I considered the UK pension system a rort and would never pay into one again. The Oz Super system, although not perfect, does seem fairer.

Now having had a bit of time to digest what the proposals are and the comments in this thread, I don't see how the UK removing the tax exemption to non-UK residents materially effects Oz citizens and/or residents on permanent visas. Its well documented that all income generated worldwide by Oz permanent residents is subject to Oz taxation so even if overseas rental income is exempt from tax in the UK, it isn't in Oz and will be taxed accordingly by the ATO. If UK tax is applied to UK income, Australia won't be able to apply taxation on the gross income only that which is net of expenses and UK tax; the UK tax being considered an expense. Hence, those most affected will be those on 457 type visas. Capital Gains if applicable will be treated in a similar manner. If its anything else as I have tried to describe, it is a classic case of double dipping. Is my understanding correct or wholly flawed?

<Is your rant over?> Glad you got that off your chest. I'll overlook your personal insults.

Cheers, I hadn't saw that clip before. As embarrassing and painful as it was to watch, it didn't hinder him from winning an election.

No excuses. Given the magnitude and intended audience, he should have read the speech personally before he delivered it.

Maybe so. However, do you agree with the crassness of the language he used towards the internal affairs of a sovereign country? Abbott clearly isn't aware of this quotation .

What about this little cracker just about 1 month before Scotlands Referendum? If I ever voted, he would never get my vote. He clearly doesn't understand that if Putin and Russia can ignore condemnation from the USA, it can ignore Abbott. Like it or not, Australia (and Abbott) in the bigger picture are a mere blip on the landscape.

I'm just back after several weeks in the UK. During my time I attempted to open up an interest paying bank account with no success. I then further attempted to ask my bank, the RBS, with whom I have banked with for 25+ years to consider a mortgage application from me. I have a mortgage free flat which I have unlimited access to whenever I go back that could also have been used as collateral if necessary but once again, I was knocked back. My financial situation is sound but the reason given to me was because I am an Australian resident. If I was American, French, Brazilian...almost any resident you care to mention there wouldn't be a problem but Australia does not allow its residents to have overseas financial products. All UK banks and financial institutions have to adhere to this guidance. Any Australian resident wanting to open a UK bank account or have a UK mortgage...any overseas mortgage it seems; will have to do so by making false declarations.

UK should ban all pension transfers....isn't that the Aussie way? The Oz Govt want all financial dealings to be one way.

Thanks. For anyone else interested either now or in future. the vic consumer site (link 1 above) took me to the Personal Property Securities Register (https://transact.ppsr.gov.au/ppsr/SearchForMotorVehicle?v=Search). I haven't yet tried it but for a $4 fee it appears that you can get get 3rd party ownership info on a vehicle of interest.

This seems as good a section as any to post the question. When buying a car privately, how can you check to find out if the car is clear of any finance agreement? Sighting a sellers 'purchase receipt' on its own isn't enough to get me to part with a substantial sum of cash. :biglaugh: If it makes a difference, I'm in Victoria. Cheers

Have you tried http://www.carsales.com.au/?

....and your OH may be wrong. I believe some form of State support for pensions will remain; what form that support takes is the $64000 question. Will it be keeping the status quo or the means testing of pensions being phased in, who really knows? The only thing I am certain of is that politicians won't lose any of their pension benefits.

As an aussie taxpayer and UK non-resident, cant you claim the UK tax back? Otherwise you're being taxed twice on the same money. However, since the Uk rates are so low, interest is going to be minimal on all but very large sums and may be more hassle than its worth.

Refer to my post in this thread. Bear in mind it was May 2012 and things may have moved on. http://www.pomsinoz.com/forum/money-finance/207687-voluntary-ni-contributions.html#post1936475318 Perhaps best to contact them and ask the question on what category you fall into. You may have to take financial advice as to whether you will actually benefit from paying the additional contributions. I received info from them a few months ago for this years payment...I'll try and dig out the contact address in that letter and post it in the next day or two if you would like.

If there are tenants, its unrealistic for me to manage from Oz. It was my hope a property manager would take care of the day to day issues and interface with the tenants, communal building management, contractors, etc and I'd get involved only to authorise expenditure. Maybe I'm being naive and simplistic with too high expectations. It all sounds complex. Time to speak to an accountant who knows the systems before I venture into anything. Cheers

I realise this hence I've never considered tenants before but I'm spending too much time at night communicating with other residents in the building and with the building managers that I'm at least now exploring my options, which does include selling. One other possibility is to get a small mortgage for another property and have the 2 properties finance themselves. The downside is that I am then feeling like a property speculator and while it won't be ruled out, not sure thats a path I want to go down. I need to see an accountant asap....going to the UK shortly and I'll have decisions to make when I'm there. In addition to instructing for any necessary remedial work on the property, I'll need to either arrange a property manager or sell. The status quo isn't an option. Complicated a bit more in that I don't see myself living in Oz the rest of my life and because of that, unless there is an overwhelming case, I don't really want to sell overseas assets and bring the capital to Oz. If I have to sell, I'd keep the cash in UK....and thats where a 2nd property comes in given the crap interest rates in the uk at the moment.

I'm an Aussie Citizen and had the property for more than 6 years. Never rented it out before, only for family use and when I go back but its getting such a hassle to manage I'm thinking of getting an agent to manage - or sell. For being managed, it had better start to earn its corn :-) No intention of not declaring tax; I want to sleep easy at night. That said, like everyone, I would like to keep the tax bill to a minimum. There won't be too much of an Oz CGT since the price of the property is less now than when I moved to Oz as well as the Aussie dollar a lot weaker....it has got quite a way to go before there is any CGT payable I think.

Simple question, Is renting a mortgage free UK property a worthwhile and financially viable exercise when living in Oz? Is the rental income classed as foreign income and taxed at an obscene rate or is it assessed as personal income and treated (for tax purposes) as any other income stream? I expect the property to fetch 450-500 GBP (less expenses) in the current market. No decision yet, the other option is to sell the property...not sure what taxes I would be up for there but I suspect very little since the GFC wiped out many years capital gains and despite the small uplift in house prices in the last year or so.

That's about par for the course for Australia...full of expensive crap. Rather than create the conditions to retain money here or for encouraging investment to come in, their answer is to make it difficult for money leaving. While the pollies and bankers talk cheaply about having open financial systems, in practice its little more than a continuation of the restrictive financial practices of the 70's. To Drewby, Any chance of passing on the details of 'your' helpful broker? I'm toying with the idea of buying a place in UK and in need of a small mortgage. Cheers