Jump to content

nickb787

Members
  • Posts

    9
  • Joined

  • Last visited

Recent Profile Visitors

The recent visitors block is disabled and is not being shown to other users.

nickb787's Achievements

Newbie

Newbie (1/6)

1

Reputation

  1. hi, I don’t like posting on an open forum about my financial situation, 
     

    Does the $330k represent a hard ceiling for the value, or can it be repeated, i.e. $330k transferred in year 1 (using the bring forward), $150k transferred in year 4?
     

    For info, you can transfer as much as you like if you breach $330,000 NCC the ATO will actually release all money over $330,000 they will charge you a small amount of tax but the rest goes into your bank account, I know from personal experience as I did just that. 

    I set up a QROPS and transferred my crystallised section of my pension nearly 3 years ago just under £1M  , paid $45k tax to the ATO, will transfer the remaking this year, for info now the HMRC have dropped LTA you can transfer everything in one go however they are trying to charge a foreign transfer charge of 25% over £1.07 to protected IP values if you have. Depends on if that gets through parliament.

     

    I also found that the only QROPS commercially available will charge you an ongoing fee as it’s a QROPS transfer of about 6-7% if I remembercorrectly and they will not tell you unless you ask about the excess NCC you CAN make.

    Cheers

    Nick
     

  2. I have renewed my visa over the last 30+ years while working in the UK, do you think it will be from the Last visa grant or when I started having visa granted in the 1990s?
  3. Anyone with any newer information on this? I am in the same position,
  4. I used Commbank GBP account in the name of my SMSF, had no issues with the money being released into that account. Just remember the ATO will assume exchange rate on the day you transfer into that account, could be an issue if you transfer a large amount and don’t exchange the day but over time and exchange rate falls.
  5. Just give them a call, tell them you want to pack all your clothes that you will take, part of the reason they aren’t over happy is insurance on breakable/valuable items. I found them very good, I doubt there will be a problem just put the boxes YOU pack in one location.
  6. I looked up the email I received from them, it doesn't actually tell me what it was for, I know I called them but can't remember exactly where they got that outstanding amount from. Don't forget to factor in port congestion charges A$1000, boat arrived on time in port and I assume unloaded without hassle. Congestion?
  7. March 2021 move date Good side. PSS saved me when another company who were due to pick up my stuff in pulled out 10 day before the move. They were good, packers were friendly and worked fast, I had already wrapped everything myself though. Bad side, I got a £800 bill a few days later "payment surcharges" since they had my goods and unless I paid I would miss the boat AND pay storage I paid...
  8. PSS removals sorry, Typo I am happy to supply personal information to corroborate being a legit person and not affiliated with ANY Company or organization.
  9. I wanted to bring this up again. I hope people will allow other opinions to be aired on the forum even from a long time lurker.. I would like to thank this forum for all the information it has provided me for my move to Australia from the UK earlier in the year, from what I needed to take or not to how to get a last second container which PPS provided when another company cancelled on me 10 days from being delivered to me. Thanks You. Personal opinion here One of the biggest things for me was moving my UK SIPP to Australia as mentioned due HMRC QROPS rules, it was frustrating with little choice of compliant funds available. After extensive investigation, my personal advise is to look closely at the fund(s) available and more importantly, the transfer and ongoing costs, they will add up, buried in the terms and conditions you might even find somewhere you will be paying for a QROPS transfer and an extra percentage for a number of years! Also check on how much you can transfer, you may get different ideas, ask about transferring over £330,00 interesting that one. If you are considering a larger value transfer, I was blessed with having one, then there are other avenues available consider setting up your own SMSF, if you have the correct documents to begin with, correct support from where ever the documents came from you will be amazed at what you can do. From setting the SMSF up, ASIC, bank accounts, exchange accounts, trading accounts. For me I found the setting up and running the SMSF as extremely rewarding, my biggest reward is the satisfaction of reduced fees, apart from initial QROP company paperwork, ASIG fees, trading fees, very little, and there are other cost, audit ect. so as few low thousands not possible a whole lot more. I could not have done it though without the support of the gentleman who supplied me with the documents required to set up and run the SMSF and support though out the process. I don't wish to name him so as not to fall fowl of any forum rules, but if you just search for QROP compliant SMSF and setting your own up I am certain you will find him. If you go this route, I think you will enjoy it . Nick
×
×
  • Create New...