AliG

On 28/04/2024 at 12:47, rammygirl said:

If you are resident in Australia that is where you are taxed. Sometimes HMRC withhold tax or tax you but the agreement between Uk and Australia means you can offset any tax or opt to be taxed only in Australia. 
worth paying for advice for your particular situation. Unfortunately few people can give dual Aus and Uk advice plus financial advice. I would start with a dual Uk Aus tax accountant. 

Agree with all that, but....  when you offset its usually for the same type of tax - ie if you pay UK income tax on rental earnings in UK then you can offset that against any income tax that would be due in Aus... the bit that I don't know if you can offset different types of tax: when you withdraw form a SIPP in the UK you may be subject to income tax in UK and then CGT in Aus.

This sounds like a question for @Alan Collett

On 25/04/2024 at 06:55, Ken said:

There are no inheritance taxes in Australia and while there is IHT in the UK a SIPP is IHT Free. Take the money now. You'll only be taxed in Australia on any growth that occurred after you inherited it and (because it's a SIPP) there is no UK tax.

If you leave it in a SIPP for the next 20 years, there is no UK tax (because a SIPP is tax free in the UK) but there will be a lot of Australian tax to pay when you cash it in (becaus a SIPP is not tax free in Australia). You'll have to pay tax in Australia on the growth of the SIPP over the next 20 years all in one lump year. Even if you are no working that could still be a lot of tax.

If you want to keep the money for your retirement (I'm assuming you plan to do that in Australia) you should consider Super or other investments in Australia.

My understanding from recent experience - If you do a lump sum inherited SIPP withdrawal in UK it will attract income tax (unless the person you inherited the SIPP from died before 75).

What I dont know (and perhaps this was your point) if you leave it in the UK SIPP, then at the point of future withdrawal would you pay UK income tax AND Aus CGT (i.e. cant offset as different type of tax)?

One further niche thought - but if you think you might want to pass some of the SIPP onto another beneficiary when you die (without ever having to draw down on it yourself) then presumably it might make sense leaving that bit where it is ie no UK income tax or Aus CGT if it is never drawn down, and no IHT at the point it is passed on to a beneficiary.

(BUT IM NOT AN IFA so take advice!) 

On 25/04/2024 at 13:02, jrobs said:

Im not sure this is correct. If I take it as a lump sum now I get taxed at income tax rate.  If I tax it once retired my income tax will be lower

No idea on Aus vs UK tax but I am based in UK and recently inherited a SIPP - the rule (in UK) for inherited SIPPS is that you can withdraw in full (or bit by bit) and if the person dies before 75 with no income tax due but if they died age 75 or later than any amount you withdrawal attracts income tax...

I'm also researching a move to Brisbane so take this all with a pinch of salt as I'm not a local: 

Brisbane doesn't really have beaches close to CBD, but it does have some a bit further out and some other places with nice waterfront but no beaches:

If you dead set on beaches then you could look at Redcliffe Peninsula which includes Redcliffe, Margate, Scarborough. This is quite far north of CBD - I think a train takes an hour. There are beaches galore in the gold coast to the south and to the sunshine coat to the north but the commute times aren't realistic for most people... Some do it but you'll either be on a long slow train or at the mercy of the Highway which regularly gets snarled up with long delays. 

South East of the CBD there is quite a few waterfront suburbs (but not really beaches) in places like Wynnum and Manly (both of which are popular with families), or further out at Birkdale, Wellington Point and Cleveland etc

Hope this helps - I'm also keen to see what others say...

On 25/08/2023 at 15:25, ChrisAC said:

Thanks a lot both for your answers.

It seems that a Resident Return Visa would be necessary to extend after the 5 years, I have checked the requirements and it seems she would have to be resident in Australia for at least 2 of the 5 years in order to get the full 5 year extension.

The other potential option we may have would be a 12 month visitor visa (600), either the tourist stream or sponsored family stream.  I understand she would not be able to work but it would be a lot cheaper and only take a few days. Does anyone have any experience of using this visa? It's just it says she must be a 'genuine visitor'. Would she be a genuine visitor if we were visiting with the view to moving there permanently one day? 

Thanks again to anyone that can help

 

No idea whether a Visitor Visa is appropriate in the circumstances but I imagine you wouldn't be covered for medical or other public services on a visitor visa so you might save on visa costs but incur additional costs elsewhere...

2 hours ago, Marisawright said:

@Geraldineinoz, I'll take this one thing at a time.

UK Pension

 I recommend you also look into back-paying any missing NHS contributions, which will increase the pension you get.  It's not too late!   

 

Good point but I think you mean National Insurance (NI) contributions?

PS I think Non-Doms refers to people living in UK but being treated as if they are outside of the UK with respect to Income earned abroad - so strictly speaking, the change to IHT for Brits abroad its not a change in the treatment of Non-Doms but a change to the treatment of UK Domiciled Brits living abroad that is being introduced in parallel.

The Telegraph says (https://www.telegraph.co.uk/money/tax/inheritance/british-expats-benefit-inheritance-tax-break-non-dom-scrap/#:~:text=As part of a swathe,IHT on their estates globally.):

Hi - any idea on timing? i.e. what part of the year would you be heading off/returning. And which suburb?

DELETED

Bumping an old thread because I was looking at first time buyer stamp duty concession and came to the conclusion that i wouldn't get the concession as i have owner property abroad - but it sounds like others have had different experiences?

Heres what QLD gov website says:

To be eligible for a first home concession when you buy or acquire a home, you must:

• be legally acquiring the property as an individual
• have never claimed the first home vacant land concession
• have never held an interest in another residence anywhere in Australia or overseas
• be at least 18 years of age (we explain below when we may waive this requirement)
• move into it with your personal belongings and live there on a daily basis within 1 year of settlement (this time cannot be extended)
• not dispose (sell, transfer, lease or otherwise grant exclusive possession) of all or part of the property before you move in
• be paying market value if the residence is valued between $500,001 and $549,999.

5 hours ago, EJMac said:

Hi AliG, It can be a bit tricky from a UK Building Surveying background, i'm a RICS QS but my brother in law is RICS Building Surveyor who also specialized in dilaps for big firms in London like yourself and he struggled a bit at the start as there was no directly comparable job in Aus (this was a few years ago so may have changed.)

He went to a small firm here that got bought out by KPMG with the view to getting more involved in Dilaps but it didn't take off as you are right, this is generally dealt with in house.

Also, where back in the UK a chartered building surveyor is a solid route into PM over here they seem to prefer PM's coming from an engineering background.

It's all good now and he's working as a PM for a regional local council, but it was quite frustrating at the start for him not having his experience and qualifications recognized for a while.

Luckily QS' are more transferable and they recognize the RICS as a good background (although prefer AIQS) but it's a much more traditional role here than in the UK.

Anyway good luck with it all it will all work out well I'm the end (i don't want to be another negative contributor to this forum - there are enough already!) just perhaps be prepared to pivot a little at the start with your job.

Cheers

EJMac

Thanks EJMAc -that all aligns with what I have heard elsewhere. Its good to hear that your brother in law found a way to make it work. Ive got my head around doing something a bit different - its just figuring out what!

16 hours ago, Marisawright said:

Depends on where on the GC surely.  And that assumes they're driving.  There is a train.

Trains - Helensvale to Brisbane Central is under an hour - but my wife is not massively keen on the north end of the GC. Train from Nerang is 1 hour 10 (plus however long to get to and from stations at each end) - I think Varsity Lakes is over 1hr 20...

Driving - We have a relative that drives to the city from Hope Island (again, north GC) and it drives him nuts - enough to put me off. 

I reckon I could cope with the GC to Brisbane commute as a temporary thing but not ideal with young kids - So if we do end living in the Gold Coast i'll need to find a job or retraining opportunity there.

I had a look on Seek.com and there seem to be plenty of engineering jobs (theres a bit of crossover with Building Surveying) on the GC - but most require minimum years of experience/qualifications... 

Thanks all - interesting points.

I do know Brisbane and Gold Coast a bit - we've done a few trips staying with family in gold coast over the years (and have seen how much it has changed). While on these trips we've visited Brisbane CBD for day trips and caught up with friends in their suburban homes. I grew up in suburban outer Greater London but spent a lot of summer with my grandparents on the Kent coast - neither of these places had a lot of culture or diversity! But for the last 15 years we have lived closer to the city which is plenty more diverse, vibrant and walkable. I totally get that Brisbane and Gold Coast are not going to be London - in an ideal world we'd end up somewhere with shops and cafes walkable, and/or some bike routes - but I get that these kinds of places can come at a premium and might be outside our price range. Now we have kids re are resigned to doing a lot more driving and this is something we do in London what with all the after school activities...

22 minutes ago, DrDougster said:

I guess it depends on the sums of money that you're talking from your "place in London" to "your place in Brisbane". If you're coming with a few million dollars in your pocket then I'd do it now, fast and Brisbane. If you buy, leave yourself some to live on, then it's likely that if you've chosen your property well it will work as a third income for you in the longer run. If you change your mind about where to live in a few years then sell at a profit, you'll have more knowledge and more options with more cash.

Some recent signs Brisbane is going to follow Sydney and Perth property market growth this year rather than loss. Might be worth moving sooner rather than later.

(Investments may go down as well as up :-))

Thanks - 

a few million AUD would be nice (!) but it’s probably less than half of that. 

timing and property predictions are definitely a consideration but ultimately they are lower down the list as mostly outside my control -  not only can you guess how prices may move in Brisbane vs Gold Cost but how they might move in UK and what the exchange rate will do before we are ready to transfer cash etc 

All that said, we’re inclined not to hang around as UK economy feeling more than a bit shaky right now.

Hi Everyone,

Not sure I know exactly what my question is... Sometimes it helpful just to write down all the bits that potentially influence your thinking and see if anyone had any relevant experience or thoughts to share... Our quandary relates to a potential career change and how that might influence where we live as/when we make the move:

CURRENT SITUATION

• Me (M43 UK citizen) and my Aussie wife are planning to move to Aus in the next year or so with our 2 kids (who are 5 & 7)
• I am planning to apply shortly for a spouse visa and as far as I can see we tick all the boxes - I married an Aussie 15 years + our 2 kids have dual nationality with both UK and Aussie passports.
• We would have preferred to hold on to our place in London as a rental - but the more we look into the finances and practicalities of holding UK property (and the implications for options when we arrive to Aus) - we're now thinking we'll sell and take the money with us to (hopefully) buy somewhere outright in Aus.
• My wife's family are in Gold Coast, but most of her friends are in Brisbane. 

CAREER

• I am a RICS chartered building surveyor - working with commercial property (offices, industrial, retail etc). During my career Ive worked for consultancy firms of varying sizes including stints at big ones such as Cushman & Wakefield and Deloitte.
• Over the last 7 years my work has been quite specialist: mostly dilapidations (landlord and tenant arguing about how much it'll cost to fix the place up at the end of the lease) - As far as i can see this is not really a thing in Aus - they do have some 'make good' requirements in some leases, but it sounds like landlords and tenants typically deal with these in house without using external consultants - in UK there are specialist surveyors like me doing nothing but dilapidations negotiations.
• I'm either going to have to find someone who will hire me based on transferable skills, and/or do some kind of re-training: I quite like the idea of some kind of sustainability related consulting but I suspect my 'general interest' in the subject won't cut it when applying for jobs.
• I find the whole idea of a career change/retain equal parts daunting and exciting. Fun to daydream of a career change! - but anything that jeopardises the family income requires careful consideration.
• Retraining would probably cost a bit and limit my income for a while - not ideal but not insurmountable if we have bought a house in Aus (avoiding mortgage payments), my wife works full time and we dip into savings.
• My wife is an occupational therapist and it seems she'd be in high demand - I suspect she'd prefer not to work or work part time but she acknowledges this might not be viable!

GOLD COAST VS BRISBANE

• My wife's family are based in gold coast and are just about to retire. They're great with the kids and would love it if we moved to gold coast. They are in Nerang but will move to a new apartment by the beach within a year, keeping their Nerang house as a rental.
• We like the idea of the lifestyle and family support, and upon arrival to Aus we have the opportunity to rent a nice house in Nerang from the parents, knowing they wouldn't screw us on the price.
• Drawbacks of GC are high house prices, only one or two friends living that way, and we worry about limited work/career change opportunities for me. 
• Wondered about commuting but not so keen on the more northern bits of GC with train stations, and driving would drive me insane.
• The obvious alternative to GC is Brisbane. My wife went to uni here and has lots of friends (some of whom I know) with similarly aged kids, though they are dotted around the city.
• If we went for Brisbane I imagine career change / retraining opportunities might be greater, and we could still visit family at the weekend.
• On one hand, we are used to a cosmopolitan life in London and do notice that Brisbane is probably a closer match than GC - That said, one of the attractions of emigrating was living somewhere a bit different and I imagine GC might tick this box better than Brisbane?

So what do we do, take advantage of the family support in Gold Coast and have a go a job hunting from there (but with the steady financial drip of having to pay rent), or do we go straight to Brisbane, buy somewhere outright and increase career prospects - but stick with the city lifestyle... Any thoughts / experience appreciated.

PS apologies for long rambling post!

Hi,

Trying to figure out if it is worth my (Aussie) wife paying the NI contributions...

She's been in UK paying NI for about 17 years.

She recently (last year) got UK citizenship and a UK passport.

We're planning to move to Aus next year with our 2 kids - no particular plans to return to UK but its a possibility depending on how we get on over there.

So a couple of questions are:

a) does the 17 years pre-citizenship count towards qualification for state pension or only the contributions post citizenship? hopefully it does in which case:

b) is it worth paying contributions for another 13 years (or more) to get to the magic 30 years? but

c) It looks like you can only top up years that you dint contribute and the system is changing as of Apr 2023 (https://www.moneysavingexpert.com/savings/voluntary-national-insurance-contributions/) so (if topping up 13 years makes sense) can she top up for years before she came to the UK (and before she was registered for NI) or is that too cheeky? 

I suspect we might need a chat with a financial advisor to consider this and a range of other points (which we probably don't even know about!)

On 27/01/2023 at 23:41, rammygirl said:

Unless things have changed you had to prove ownership and use (or at least access to the car) at the time of application for the import. 

Thanks I suspected that might the the case - And I'm guessing you need the paperwork in place to get the car on the boat (rather than submitting the application while the car is on its way)? 

Hi Iron Chef - a quick question on timing:

I understand you have to have owned the car for 1 year - but is this at the point of shipping from UK or at the point of arrival to Aus?

Im looking at moving to aus in just under a year - if I buy a car today, it won't be a year old at the time I leave the country (and would want to ship the car) but it would be a year old at the time it arrives in Aus..

Thanks in anticipation.

PS A stock 2007 Jaguar XK coupe (2wd 4.2L auto) with 100,000km on the clock is <£12k ($26k) over here and in Aus $25-36k on redbook and $55-$60k on Carsales - I'm guessing that's gonna make sense to take to QLD?

On 09/01/2023 at 02:08, Jon the Hat said:

I would get your 309 application in ASAP - the kids citizenship won't make any difference.  If it is not granted when you want to move to Aus, you can enter on a visitor visa and fly somewhere cheap outside Aus for a few days so it can be activated on your return.  Plenty of people have done this.

This sounds like the best of both worlds. I suppose the only risk is that the visitor visa runs out before 309 granted - but that risk should be low if I apply for 309 ASAP.

Thanks.

3 minutes ago, Marisawright said:

If you're not in a rush to get going, then an offshore visa is going to be the least stressful option.  You apply, then go on with your normal daily life while you get ready to make the move.  You don't have to pick up everything and dash over the minute the visa is granted, either.

With the onshore option, you've got the nerves over whether there'll be any trouble at the airport, the fact that you can't work (and be aware, many big companies won't employ people on bridging visas, so you may struggle to find a job till the full 820 comes through).  I'd say the risk of the visa being rejected is very small, but that's also a little niggle that will add to your stress. IMO it's hard enough moving your whole family halfway across the world, without introducing all those stressors. 

It's not illegal to arrive in Australia on a visitor visa, with the intention of applying for a more substantive visa.   However it is illegal to arrive in Australia on a visitor visa, with the intention of staying permanently come what may.  If the Immigration Officer, on the day, thinks you look like the kind of person who'd stay forever, whatever happens with your visa, he has the right to deny you entry.  Unless you look particularly untrustworthy, I wouldn't think that's a big risk -- but like I said, it's just another uncertainty to add to the mix.

Bear in mind that if you want to move this year, you should get your 309 application in now. Applications from the UK were being granted in just 3 months last year, but they've slowed down a lot this year. 

Thanks - its because the 309 applications are slowing down that we are considering the 820 for the greater flexibility on our exit date:

uk housing market looking shakier by the day so were thinking of putting our house on the market sooner rather than later - 820 gives us the option to accept an offer and complete ASAP where as 309 means we either have to delay putting the house on the market (until visa granted) or explain circumstances to any potential purchasers...

work wise my wife is an occupational therapist and already has job offers from old colleagues. Im a chartered surveyor which doesn't easily translate to Aus so i'll probably have to do some retraining whatever - so a delay might not be a prob. But I didnt know some big companies won't hire people on bridging visas so thats useful intel.

In conclusion, its sounds like 820 route gives more flexibility on our UK exit but comes with conditions and risks at the other end...

Hi, 

I'm planning on doing a spouse visa application this year and had always assumed we'd do a 309 offshore app but I'm now wondering whether 820 onshore is a viable option... and what risks or pros/cons there may be...

From everything I have read we tick all the boxes for a partner visa for me. I'm British and live in London with my Aussie wife of 10 years (and we owned a home together for 5 years before marriage) with our 2 x kids who were born in UK but will shortly have Aus passports by decent assuming their citizenship app goes though ok. I was going to wait until this is done before submitting a 309...

We were doing a bit of timeline planning and a thought popped into my mind about applying onshore (to remove guesswork re timing). If we went down the onshore route, then as I understand it:

- We can go to Aus whenever we like - I'd enter Aus on a 3 month visitor visa and rest of the family on their Aus passports.

- I'd then apply onshore for an 820 onshore partner visa.

- I can't work or access medicare initially but these kick in once the visitor visa expires and a temporary visa kicks in.

From what I can see this gives us max flexibility on the timing of our move (ie we don't have to wait for the 309  to be approved) but introduces a slight risk that we get there and get set up and for some reason the visa isn't granted - to mitigate this wed use an immigration agent to check our docs before submitting. 

Does anyone have any thoughts on the above, or any tips? - please shout if I've got something wrong or am missing any pieces of the puzzle.

And what do I say upon arrival in Aus when they ask the purpose of the visit!

If it isnt viable then we can always stick with the 309 option - but if the 820 option is viable then it gives us more flexibility on timing...

Hi Iron Lady,

My family are in the process of planning a future move to Aus in a year or so.  Neither of my current 2 x cars stack up to take but I could swap one now in anticipation so weighing up options - I know I need to own any car for a year and that shipping costs and exchange rate may change in that time but I'd appreciate any thoughts on the following:

1. Is it possible to import electric cars to Aus (eg Tesla) or are there any particular restriction/considerations. 

2. Is it possible to import a classic car that has been converted to electric? And any considerations.

3. Are there any particular cars you have spotted that make most sense - I spotted late model Jaguar XKR over here for c. £30k that seem to be on Carsales.au for AUD110k - 150k - does anything beat that!

2 hours ago, Tychen said:

After a few years in Sydney, we need to make a decision about whether to move back to London. I'm looking for ideas about where to live - which would help to contextualise other aspects like housing, atmosphere, schools etc. When we left London we were living very centrally with one baby. Now we would be leaving with two young kids, so will need to tick very different boxes! The essential things we are looking for are.

• reasonable commute both to the City (eg Liverpool Street/Moorgate stations) and to Westminster (eg Victoria/Charing Cross stations)
• good schools (state or independent)
• low street crime (still traumatised by the moped phone snatchers in Islington)

If it is possible to get a detached house or large terrace for sub £2 million, that would be excellent. Any ideas will be appreciated!

Hi, Im currently in London planning a move to Aus, but have considered relocating within London at various points in my life.

Here are a few things to think about:

1. STAMP DUTY - This is relevant given the size of your budget: They changed how UK stamp duty is structured a few years back - it is now particularly steep on expensive homes. Its tapered but the rate goes up to 12% for the bit above £1.5million, so £2m works out at over £150k. Also, I think im right in saying that you'd have to add 3% if you kept your Aus property (as your UK property would be classed as a 2nd home). Stamp duty calculator here: https://www.gov.uk/stamp-duty-land-tax/residential-property-rates

2. COMMUTE - 'reasonable commute' can mean different things to different people...

- Do you want inner city hustle and bustle, outer ring leafy suburbs, or a commuter belt country retreat? 

- Lots of recent rail upgrades: 'Crossrail' is about to open to the public within this month or so running east to west. Thameslink has recently been upgraded for north/south link (incl Brighton). The 'Overground' is a big section or inner city rail taken over by the mayor and running with frequent metro style services...

- Train fare rises are linked to inflation so long (distance) commutes can be pretty steep. You can get to Ashford (60 miles from London) in 37 mins but you'll pay for it.

- Cycling becoming much more popular - some parts have much better infrastructure than others...

3. SCHOOLS - Im generalising but these days its actually hard to find an area of london without a good primary school - but catchments can be quite small which might matter if you have your heart set on a specific school. Secondary schools much more variance in quality. Private schools are more frequent in the other suburbs but there are still plenty closer in. Grammar schools are in high demand but only certain boroughs have them: https://www.goodschoolsguide.co.uk/choosing-a-school/grammar-schools/local-authorities  

4. CRIME - Crime map here: https://www.mylondon.news/news/west-london-news/london-crime-map-shows-londons-19654472 but I'd take the crime stats with a pinch of salt. With a healthy budget you'll probably buy somewhere reasonably affluent and crime stats will probably relatively low. The exception are busy inner city places (like islington) where you can get a bit more street crime - but its still pretty rare: eg Westminster is Londons most 'dangerous' borough but it also one of the most affluent and I've never felt unsafe...

5. BUILDING WORKS - I don't know how long it will last, but post pandemic and Brexit builders costs and wait times have gone sky high. Perhaps something to bear in mind if you might have fancied a dooer-upper. It can still be done but it might take longer and be less profitable than it once was.

Good luck!

21 hours ago, Ausvisitor said:

You may be correct on the rates piece, but Marisa is correct on the let to family bit, no lender allows a BTL for a rent to family

HSBC also do residential mortgages for overseas applicants - (i think they treat the property as not your primary residence ie a 2nd home). Its not clear whether this includes new purchases, or only remortages of properties owned already - https://www.hsbc.co.uk/mortgages/non-uk-residents/

If it does cover purchases then Ben may be able to take out a residential mortgage from Aus for a property in UK - it would be a repayment mortgage rather than interest only, and (Aus) income requirement is quite high (£75,000) might be worth giving them a call. 

Alternative option might be for Ben to remortgage and release equity from any property owned in Aus to raise enough cash to send back to UK and buy somewhere outright...