nickinmk

Over the years I have found this forum to be a priceless source of knowledge. Without it I would have had no idea that I was able to write to the ATO and have them determine the "Undeducted Purchase Price" of my UK Private Pension. As a result I have an percentage each year of my Private Pension payment that is essentially "tax free".

Now for my question. I pay tax to the ATO on my UK Private Pension payments that I receive each month. I am 61 years old, and have no other income. My wife has no income, and as a result pays no tax.

Could we set up a "Family Discretionary Trust", and deposit my UK Private Pension into that, and then pay ourselves out of the Trust?  This would then lower the overall amount of tax paid.

Or is this wishful thinking?

Thanks

Nick

On 01/02/2012 at 04:06, Iron Chef said:

Ok I've been having a tinker with this for a little while and think I've got it pretty close. I've developed an Excel spreadsheet that provides an estimate of whether or not your car is

Category A: definitely worth bringing, you'll do nicely out of it when the time comes to sell

Category B: only worth bringing if you love the car and/or plan to keep it for a while

Category not worth the aggro, you're better off selling it in the UK

 

*Disclaimers* - the estimates are based on the following:

1) using our most complete 'A Package' service at AUD990 (it's set up for our customers, obviously!)

2) using RORO shipping from Southampton (does not include transport to get your car to the port)

3) the current GBP/AUD exchange rate

4) an estimated Australian Customs value calculated for your specific vehicle

5) includes customs duty, GST and LCT where necessary

6) a set figure for customs clearance (which I've deliberately set higher than what they normally come in at)

7) includes the cost of Australian Customs valuation and transport to the workshop once cleared

includes allowance for the minor modifications needed before registration

9) includes road registration and stamp duty costs (for a "no surprises" all inclusive cost estimate)

 

As you can see, I've tried to be as upfront about the costs of getting the vehicle to Australia, and I have actually over-allowed on what many bills come in at. There are a heap of variables in here and each car is different, so don't be disheartened if you get a category C - the calculator isn't meant to be the ultimate authority, but it will give you a fair guide.

 

What I need from you:

- year of manufacture              2014

- make, model & variant           Volvo V40 R Design LUX NAV

- body type (coupe, convertible, etc)    5 Door 

- engine size & fuel type     1969cc  Deisel

- transmission          Auto

- drive type (4WD, front wheel drive, etc)   Front Wheel Drive

- mileage   38.000 miles  (61.000 KM )

- any special features, options or modification  park assist,rear cam, coll warning, adaptive cruise, lane keeping, driver alert, road sign info, blind spot info/x traffic allert. paddles

- does it have aircon  Yes

- realistic current UK market value     £8.000

- Australian RedBook value (www.redbook.com.au - click through to the page with 'Private Price Guide', 'Trade In Price Guide' and 'Price When New' listed, then tell us the 'Private Price Guide' range)     $17.600 - $19.800   based on 80 - 130 K

- Australian market value (http://www.carsales.com.au/all-cars/search.aspx - search for the closest matching vehicle)   $24.500

- which Australian state/city   Victoria  Bendigo

 

Please note when you are searching that most Vauxhall, Opel and some Chevrolet models will be badged as Holden in Australia.

 

Let's test it out :biggrin:

 

**Please note, our responses will normally be just an A, B or C. If you want a full breakdown of costs, you'll need to email us via our website***

 

DATSTHEONE

 

I hope this helps.

Could anyone assist me with a simple worked example? I am an Australian living in the UK, who hopes to retire in late 2017, at age 55. I work for a company with a Final Salary Pension scheme, and will either receive that, or take its CETV. I know my contributions to date, and I will be taking the maximum tax free lump sum. Any help gratefully received!