Dellboy

Whilst unfair those are the rules I'm afraid. BUT there is something called a 'Limited Balance Election' that can help you in such situations. I'm no expert, but my understanding is that for small FX denominated accounts (up to a total of $250k I think), you can 'elect' (in writing) to disregard currency gains/losses on these accounts. If you search on the ATO website you can find further details.

I used Torfx to transfer some of my money on several occasions but didn't think their rates were that good. So I got a second account with The FX Firm and then when I wanted to transfer money I asked both firms to quote at exactly the same time. The FX Firm won both times I did it, so I don't use TorFx anymore. I don't have any experience of Money Corp.

Yes, once upon a time a criminal record was a minimum entry requirement

Thanks for that. It seems strange producing an election and just keeping it to yourself for posterity. I don't know how ATO would know whether you did or didn't make a particular election, as they're just taking your word for it really.

Just finishing off doing my online tax return for Australia. Got one question that I hope someone can help me with. I have some money sat in the UK from selling a house and will bring it across when I buy a house here. I don't really want to be taxed on any FX gain that (hopefully) might happen before the money comes across and was reading about the $250k balance election that you can make for accounts under that amount. Question is, when you make the election do you have to send a letter in to the ATO or do you just file the "election" away until you are asked for it (i.e. hopefully never). The internet pages I've been reading don't say much on this and was wondering if anyone else had done it? Thanks for any help

Many thanks. I'd googled it before posting above and came across many references to the FIF rules ..... then panicked! Puts my mind at ease

Did you find out the answer to this question? I have same problem and was wondering whether dividends inside a SIPP needed to be included on Oz tax return. Presuming not, but would be good to know whether anyone has experience of this

Millions I wish!! But the interest is a couple of thousand per year, as I sold my house in UK before I left and money is still sat there waiting to come across if/when we buy here. There's also about 15 years' worth of TESSAs & ISAs that I put into for a rainy day (which get decent interest rates) which I've also got sitting there in the UK. I've been told that they stay tax free for UK tax return purposes, but the Oz taxman strips away the tax-free wrapper and taxes that interest too. Rupert - do you reckon include Oz earnings (for Feb/Mar 2013) on UK tax return or leave off?

Hi, I'm looking for information from anyone who has been through this process already. Thankfully, my tax affairs are pretty simple as I only have salary and interest income to worry about plus some UK personal pension contributions, so I'm hoping things should be straight forward (wishful thinking perhaps). I emigrated from the UK on a PR visa in Jan 2013 (having worked up to Dec 2012) and started work in Australia in February 2013. I am currently gathering all the information I need to prepare tax returns for UK and Australia and realise I am running out of time, so need to get a move on. I may well get the help of a tax agent in Oz to make sure I get things right here, but will probably do my tax return for the UK online as in previous years. But I have a couple of questions if anyone can help. On my UK tax return, do I need to declare my Australian earnings for the 2 months that overlapped the UK tax year (ie Feb & Mar 2013) or do I ignore them? I have read threads about 'split treatment' of UK tax residency, but don't really know if that applies or not to my situation. On my Australian tax return, do I only need to declare my UK taxable income from the date that I arrived in Australia? If that is the case I assume I ignore the UK salary but include the UK interest income on bank deposits I left in the UK? Thanks for any help

To be fair, I think Ausborn & Johndoe are referring to the OP. Iscashe got more than a bit of criticism for daring to say she fancied a warmer, outdoorsy life, but was told in no uncertain terms not to be so naive given it is usually too hot and/or wet to stray outside. A bit of balance came later to the thread thankfully.

Hi Iscashe and welcome to the forum. Please do not be put off by your first venture onto this forum. Like society in general, you will find all sorts on here, some warm and welcoming and some cold and grumpy (and before I get shot down too, that isn't a description of any of the posters on this thread so far!!). Your reasons for wanting to move here are yours alone, but they are not far from what many others would put high on their lists too. But beware the rose-tints as others have said. I came for similar reasons to Rupert (love the travel and adventure), but at the end of the day you have to live here and Australia has it's fair share of problems too. Quoting directly from your OP, one thing I will agree with in both respects is that "life would at least be warmer, if not better, across the globe". Keep posting, this place is a great source of information and some of the posters will make you laugh as well as cry. Good luck.