MMac

Thank you Allan, I have just emailed you

Allan - are you with BDH tax?

Thank you for replies - sorry, I didn't get notification hence the delay. Oh, bit disappointed to learn that the 7 year rule also applies worldwide. My parents are separated but not divorced, father domiciled and tax resident in Australia (and alive!), mother domiciled and tax resident UK. My father is organised and has his affairs in order but my mother struggled with some unhelpful advice years ago and has nothing in place (she was advised against setting up trust funds or divesting assets in case her daughters divorced and their husbands took half the inheritance). I will continue to urge her to engage professional advice - the spirit is willing but she tires easily and the process of digging out all the relevant paperwork I think feels like too much to her. Thanks again

Trying to unravel some complicated family finances... My mother (UK resident) has Australian assets (property, investments) from her years living in Australia. Because the UK inheritance tax has global reach, she wants to divest these assets in order to protect them from the British taxman. In the UK, there is a 7 year rule on giving away assets (for assets to be exempt inheritance tax, the giver has to survive 7 years after making the gift, I understand). Can anyone tell me if the 7 year rule applies to Australian assets? ie, if she gives her Australian assets away to Australian friends and family, does she have to survive 7 years in order for them to remain exempt from UK inheritance tax on her death? She is turning 80 and struggles with financial decision making so I'm trying to find out the facts for her. Many thanks!

Yes, good point. We are near Newcastle, NSW. I approached one local agent but when I mentioned our UK investments, he declined the job so I thought I needed a specialist. Our UK investments consist of some ISAs and a cash bank account, nothing exciting, plus a British govt pension.

Grateful for recommendations for a tax accountant to complete family tax return for us - we have some UK investments but are resident and employed in Australia. We have been using GM Tax for 3 years now and I will have to end our relationship after another frustrating experience with them this year. Many thanks

I've seen a solicitor who wasn't able to advise much; grateful for any help. My mother (dual citizen) owns a property in perth she would like to leave to my sister. In 1989, she returned to the UK after 30 years in Oz (my father transferred the property into her sole name in 1993). Ideally, mum needs to get rid of this property asap. Is there any way for her to avoid paying CGT on transfer to my sister? I think the CGT would come to $150,000 (based on assumption of 25% tax payable on increase in value between 1993-2017) which she doesn't have. My sister lives in the house with her husband and children and so we are trying to avoid selling it - just want to give it to her. I assume stamp duty is unavoidable but CGT is more than can be covered. How do Australians pass on the family house? Mum may be able to come and live it in for a while to make it count as her 'primary residence' (as is the case in the UK). But she's 79 so she wold prefer not to. Also - if she dies before giving it away and as a resident of the UK, I presume the estate is liable for CGT at that point anyway? I'm confused. I understand the UK system better, though I'm Australian by birth! Solicitor advised that trust funds aren't an option over here for these purposes.

Thank you also Lady Rainicorn - the UK specialisation would certainly be useful, I'll try him too. Much obliged

Thank you for the recommendation - I really do need assistance, although I am fairly savvy with financial affairs I need guiding through this to start with. I'm too sleep deprived and buried under children to think clearly!

I'm in NSW - sorry I didn't realise that would make a difference. I had a local tax accountant do our return last year (our first after arriving) but to be honest I don't think she got it right and I need to feel confident that we are doing everything correctly. Thank you

Good evening I am looking for an accountant to complete my fairly simple family tax return. We do Smart Salary (salary sacrifice), receive a small amount from Centrelink and I am paid a pension in the UK which is staying there for now (I have declared it here). We live a bit rurally and so I need someone who operates by email and phone. I feel like I've been searching for so long - any recommendations very welcome!