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eddiep

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About eddiep

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    Junior Member
  • Birthday 11/03/1971

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  1. Hi I've recently returned to the UK after 3 years and have a super with about 90k in it. When I contacted my Fund, they told me that: "As a non-resident only option you have now is to claim your benefit as DASP, if you do not claim your benefit now, your benefit will be transferred to the ATO as unclaimed-non resident super monies" I assume from this that the money does not remain in the fund and therefore is not invested and growing. I guess that means that unless one wants to play the game of currency betting that it just makes sense to get the cash out and invest it in the UK. Has something changed here in terms of the rules here since the OP? It looks to me like I will need to bite the bullet, pay the tax and invest the remaining monies in the UK, especially in light of Andrew's helpful advice above that one would need to pay the income tax on exit anyway and therefore it is unavoidable. Might was well bite the bullet now.....
  2. Thanks for all the great feedback. its a great community on this site. Always helpful. Made an appointment to see a lawyer, to review options. Thanks.
  3. Yeah - It's very material amount. With tax benefits of redundancy the difference is multiple 10's of thousands, so worth fighting for. This feels like behaviour that is morally abject. If it was only 5-10k, I would accept it as they have been paying me full pay since March and I have not exactly been busy, but given the value and the principle, I want to get what I now feel is an entitlement. At the end of the day, I am now going back to the UK earlier than I expected and cannot easily job hunt from here, so every dollar counts.
  4. I have an interesting but stressful situation that I am hoping someone can assist with: I'm in a management role in a large US corporate in Melbourne on a 457 VISA. On 1st March I was verbally told that my role was being made redundant, and that was confirmed several times verbally over the next few weeks. It was unambiguous. It was definite. Whilst these were definitive conversations the employer never followed the up with any paperwork. This suited me as I was essentially sat on full pay for a longer period awaiting papers, and I am no rush to return to the UK. I did however follow a number of the conversations up in writing confirming my understanding that my role was being made redundant. I did nit receive replies formally. Equally there were no comms from the business to say that I had got the wrong end of the stick etc. On the basis of those discussions, I made plans with my wife to return to the UK. I have kids there, so this is was quite a big deal and quite a commitment. My employer yesterday has now said that they want me to stay, but I am in an impossible situation as I cannot renege on the promises made to family. I wrote to the business to say that this was now impossible though no fault of my own. I suspect that this is some sort of plot for the business to force me to resign, but I feel full entitled to redundancy as as far as I was concerned, they had already made that promise. Anyone got any advice out there? For avoidance of doubt, the desired and only outcome that is acceptable is to return to the UK.
  5. eddiep

    Need assistance on investment strategy

    Thanks for the clarification Ken. What would be best for me to do then. This will presumably be the case for all IFA's?
  6. eddiep

    457 - Current processing times

    I had to apply for a 457 Visa Transfer. The papers were submitted to Immigration on the Friday, and I received my 457 on the following Monday. Astonishingly quick!
  7. eddiep

    457 & Redundancy - Complication!

    Thanks Captain C - I start my new role on Monday - I appreciate your kind words. There were some stressful times over the last few months. Its good to come out of the other side intact!!
  8. Hi all I have some savings that I want to work harder for me. I was made redundant from my job and luckily for me achieved a pretty generous payout. I decided to hedge against currency risk by putting half of the money in GBP in my UK bank and half banked locally with CBA. Both tranches are sat in saving accounts with low interest rates I now want to invest this money sensibly into some balance portfolios of fixed terms deposits and stocks. The challenge that I am having is that I want to be able to work with a supplier that can help me invest both the UK cash and the AUD. I tried my banks (HSBC and CBA) and they were worse than useless - they will only deal with their local market stuff. Any advice much appreciated. Naturally I want to make this as tax efficient as possible.I am a 457 visa holder. Thanks in advance
  9. eddiep

    457 & Redundancy - Complication!

    Just by way of an update - My redundancy has now gone though, and I was in the fortunate position that I had two companies that wanted to offer me roles. One was a competitor and one not. I took legal advice on the non compete clause and was advised that whilst it was certainly unenforceable, that it could be a bit of a rough ride if my old employer tried to enforce it and I could be faced with a legal bill/ I have therefore decided to take up an offer with the non competitor business. I have a contract o the table, subject to them successfully applying for the 457 transfer. Thanks to you all for your support and assistance.
  10. eddiep

    457 & Redundancy - Complication!

    Thanks everyone for your comments. That's given me some confidence about my situation. I'll go and take some legal advice and will report back to the group (in case anyone else finds themselves in this situation). Thanks all for your contributions. It's much appreciated.
  11. eddiep

    457 & Redundancy - Complication!

    Thanks for your comments Bungo I was merely expressing a view on my situation. Not absolving myself of responsibility for choices I have made. I simply didn't appreciate a post that had nothing to contribute to the debate other than to express view that somehow this was my fault. I am happy with the choices I have made, and it has worked out well for me and my family. I was also lucky to have a decent boss. There were always risks in moving, and I accept those risks and take full responsibility for my choices. Even if we return to the UK, we will have had a fabulous 2 years here and would go back having had a wonderful experience. I would like to stay and therefore reach out to these forums (that I value) for practical advice on that issue. I just don't see value in posting unhelpfully as a previous contributor did. I had simply expressed a view that the immigration rules seem to be a little perverse when I am far from a burden to the Australian economy - but I also accept that rules are rules. I don't mind being challenged, as long as it is in the context of supporting the OP.....Isn't that what these forums are for? That wasn't the case for all the replies. Thanks again - your personal posts have been very helpful.
  12. eddiep

    457 & Redundancy - Complication!

    AJ, It was. So just as well I had an understanding and compassionate boss. It was not a temporary contract. It was a permanent contract, albeit with a 5 year 457. Do you have anything positive to contribute, or just trolling? I don't come on the forum to be judged, I just came looking for friendly advice.....
  13. eddiep

    457 & Redundancy - Complication!

    Thanks all for your comments. It was just as well my boss recognised that I had packed up everything, sold my house in the UK and moved my family (at great emotional cost) to Oz, and therefore personally felt an obligation to ensure I was looked after. This pretty much ties up with what I thought. However, it seems interesting that I have only 90 days, when I will have paid a huge amount of tax on my earnings (including redundancy pay) and want to stay, and in that period I cannot claim benefits and have full medical insurance, so an still benefitting the economy with my spending! I'll probably to apply for a role working for movingback's business given the sympathetic hearing and view. ;-) Would appreciate if anyone and more views on my non compete or the 457 visa dates...
  14. I came to Australia nearly a couple of years ago and the business for which I work has recently been sold. I was on a 457 visa and have taken a redundancy package (as have a number of others on the management team). It would be fair to say that there was a lot of pressure to conclude the redundancy negotiations for a group of us. As part of that 'negotiation" which was pretty much a 'take it or leave it' situation one of the clauses in the signed agreement was a non compete clause. I am spending a lot of time now looking for new roles and have a couple of interesting options that look like they MIGHT result in an offer. I have a couple of questions about this that I was hoping the group may be able to assist with: 1. In the event I understand that my employer is under obligation to tell the Oz immigration about my departure. Does my 3 month clock start ticking from that date, or the date that I then get notified by immigration? How flexible/ inflexible might this be? 2. Given that I was made redundant, I think it was morally bankrupt of the business to make me sign up to a non compete clause as they were dispensing with my services and I have worked in the same industry many years and it is a specialist industry. Would this clause be enforceable? I have been approached by a competitor about some roles, and my wife and I want to stay here. We are confident that it would qualify for another 457/transfer of my 457 if I were to work for the new employer - So - would this be enforceable? 3. If I were to transfer - who 'OWNs' the 457? - Could my old employer refuse to transfer it? A bit complicated, but really value the views of this group who have been so helpful before. Many thanks in advance
  15. eddiep

    Transcorp

    Hi all I'm thinking about booking to use Transcorp for a domestic move in Melbourne. The sales rep was very professional and the quote competitive. Does anyone have any good bad or indifferent experience? I saw one post about an international move, and have PM'ed them - but would be good to get any feedback if anyone has any.... Thanks in advance
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