acb

Hi there can anyone advise , I am a dual uk /oz national currently tax resident in oz , but unsure if can afford to stay forever. I would like to invest UK sterling savings using an investment platform eg Fidelity and purchase UK /US and maybe OZ tracker funds using sterling as I did in the UK. I wish to keep my investments in sterling to allow me to return to the UK if things don't work out. As world wide income I expect to pay Australian tax on CG and dividends , but am hoping to legally avoid UK tax as I am non UK resident and intend to direct some of the gains towards an OZ super using concessional contribution allowance. I have a OZ HSBC account in sterling . Can I just buy funds through any fidelity account including the UK or would it need to be off shore with respect to the UK .? thanks for any advice ACB

Hi Andy just trying to understand the implications of this consultation . I have just returned to OZ in feb 2019 and have just started to receive a uk nhs pension in oct 2019 I am dual national and having worked in Australia in the past and have accumulated a Q super fund which I hope to access next year on or after my 60 th birthday on a tax free basis . I am intending to top the q super with some proceeds of our house sale whilst staying within the relevant limits , although I also have a lump sum from the Uk which I could consider using . Do I have to worry about HMRC chasing my oz super income when I access it from Australia. thanks Acb

thank you Andy , your interpretation does improve the clarity. could I ask what is a C2 capital gains tax event ?

Hi , it seems like nobody has actually interpreted the ATO statement the same as me , somebody has it wrong ? who my interpretation would be 1)private & domestic will be ignored 2)bank accounts holding foreign currency may fall into CG territory when a CG realisation takes place 3)where the forex provisions do apply ( a foreign currency account would be an example, not a currency transfer ) for balances below $250k forex gains or losses will be ignored . could an expert please step ACB

Hi Maryrose thanks for your reply, I am not sure if I accurately explained our situation . The house was our long term primary residence as such should be free of GC tax in either country. With respect to the currency gains and falls, I was advised by an Australian accountant that currency gains or losses made purely as a result of moneys sat in non invested easy access accounts are not of interest to the ATO as they would be subject to claims for tax relief against losses as frequently as they were in receipt of revenue for gains . An article on page 9 (ex change rate fluctuations and CG tax) seems to back up this view point. Please Maryrose or anybody with solid information advise me if I am reading this right as it could be a stay or go game changer for me and mine. thanks aj

Hi, please can anybody advise We have sold our UK house owned for 25 years and moved with our 2 teenagers into a long term rental in Queensland. We are dual nationals as a result of OZ health care postings for several years circa 2000. Worked hard & sent all our money home around this time to finance renovation of our UK property at painful exchange rate of $3 to £1., hoping to finish the project, sell up and return to oz soon after, but for various personal reasons our anticipated return has been long delayed . Sixteen years on funds from our recent house sale are sat in an easy access account in the UK but we can't afford bring the bulk of the money over at current low exchange rate, loosing out yet again, until we are sure the children are going to settle, when we would look a buying a house here in a year or two. Do we have to worry about (ATO) taxation on currency gains when and if the pound strengthens against the Aussie dollar ?? would be grateful for any insight AJ