eddiep

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.....

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.

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.

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.

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

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!

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!!

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

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.

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.

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.

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.....

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...

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

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

Well, it didn't work out. The house I wanted to buy went for 25% above the listing top end of the listing. The market is mad. Will stay in rented, because this bubble surely HAS to burst

Thanks to you all for your kind advice. I now have a buildings and pest report getting done and now have my FIRB permission! Wish us luck!

That's really good advice - thanks Pom Queen. FYI - and for other posters - we have found a slew of conveyancers brokers that state that they can accelerate the FIRB process to 24 hours. It's $110 for the service - I know it's a rip off, but when you want the house......Will post back if it comes through in time for the auction. The good news is that the conveyancers all said that they would not take conveyancing business unless we had it through - so I FEEL like they are not cowboys - just that they are circumventing a process for $110 that probably takes 5 mins for them.... Let's see

Hi We all moved to Melbourne in June last year )wife and 2 kids) So far loving it and no regrets. Got some good advice from the forums here before I came. We are now looking to buy a property at auction in the Mentone part of Melbourne. We have missed out on a few properties so far, and tis auction is in a weeks time. Does anyone have any advice as to what sort of checks I should be doing about the property - for example - in the UL I would expect to get a homebuyers report/survey at a minimum, but I got a section 32 for this house and it is basically a contract containing no read info about the property. So I have three questions: So - could or should I get this done, bearing in mind the auction is next Saturday? What is 'normal'? I have also made an application with the FIRB as I know that I need permission to purchase as a family home - but it is unlikely that this will come through in time - what risk am I taking by not having it? In Melbourne all the auctions I have visited have gone for circa 10% above the local top end of the guide price. Is this what people experience elsewhere? Thanks in advance Paul

Rupert - I was trying to be grateful! and I said I appreciated your help!:embarrassed:

Eddy - Thanks good advice indeed. Looks like I'll need to hit the phones as this is not clear on many providers web sites and it was IMAN that hiked my cover price.

I love these forums - people are so happy to help if you ask the right specific questions. Thanks Rupert and Cez- that's really clear. I've been struggling with this for a while and that has made it much easier! Another question if I may? I have been getting quotes from a few insurers, and took out a policy with NIB, but they then hiked the premium by 15% on April 30th! I'm in my cooling off period so am minded to shop around again.I've had a look at the iSelect site, but they do not have a foreign national price and policy comparison site. The policies all vary as do the excesses dependent on cover. Is anyone aware of a good comparison site fo this type of cover?

Thanks Rupert - I appreciate your help. Do you mean the Levy AND the surcharge, or just the surcharge.

Hi all I hope you can help again.....these forums have been great. I move to Melbourne in early June on a a 457 VISA. As part of my 457 Visa application, I have to have a private medical insurance policy for all my family. I've been looking into this with BUPA, IMAN NIB etc and for a fairly comprehensive cover it is looking like a pretty eye watering $500-$600 per month or so. If I need to take this out, as I want to be well covered, then I'm happy to bite the bullet. However the piece I am struggling to understand is the Medicare Levy and the Medicare Levy Surcharge. Our family income will be above the income threshold resulting in a 1.5% levy. It is my understanding that under reciprocal arrangements, that we would qualify for Medicare. What I don't want to do is face a double whammy of paying a Medicare Levy and MLS AND pay the private health insurance on top. I have a couple of specific questions: 1. Am I right in saying that if I have the private health insurance (which is a requirement of my VISA anyway) that I am fully exempt from the Medicare Levy and or MLS? 2. If not, then presumably i just want to take out basic cover (as I am Medicare covered) with some extras such as Ambulance and Dental Covers as extras? Any advice would be greatly appreciated.

I feel compelled to write about some great service that I have received from a "Pom in Oz" and wanted to share it with the forum. I am relocating to Melbourne from the UK in June on a 457 Visa. Having never worked overseas, I was feeling somewhat uncomfortable as I did not understand several issues. In particular, I was hoping to keep my property in the UK and wanted to undertand fully the tax implications of doing so. Despite considering myself very financially savvy, I am sure that I am not the only person on these forums that has found the UK HMRC websites inpenetrable in this regard. Similarly, I have total lack of undertanding about how the tax regime works Australia in terms of Paygo, tax returns, salary packaging etc and have little time to understand! I saw several posts on these forums recommending GM Tax, and I filled out an enquiry form on their website to get more information. This would normally fill me with dread as I was expecting some sort of pushy salesman to call me and sell to me services. It could not have been further from the truth. Within 24 hours I had a scheduled call with Alan (Collet?) who was incredibly generous with his time and advice and on matters wider that the financial issues that I was concerned about. Altruism is a rare thing, but I can honestly say that that was how I was treated. So much so that I had to keep asking Alan what was in it for him! Alan is going to now send me some options as to how he can help me with my tax returns in the UK and Oz, but it was like I had to draw it out of him and he was at great pains to point out that there was no obligation. Highly recommended, and if Alan reads this, thanks very much for your generosity of spirit. Superb.