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Found 663 results

  1. mickeyrum

    Capital Gains Tax

    I'm an Aussie Citizen now and selling my UK property - what are my CGT liabilities in the UK or here Any advice greatly received Cheers
  2. Hi guys, I have a couple of questions about tax for trading profits. Could you please help me with this: 1. I have scenario where I am not sure whether I am a trader or a investor from tax perspective. Per my understanding, a trader tax is for someone who has positions open less than 12 months. And to be an investor, one has to hold positions for less than 12 months. Is that correct understanding ? 2. Further, if the understanding in point 1 is correct, then I am perhaps a trader from tax perspective. However, for one to be trader, one has to also have a detailed business plan, and, log of all trades and the reasons for entering the trade etc. I do not have all these. I simply trade casually and close the position in a few weeks. So does this qualify as a trader ? 5. When calculating tax, should it be on the net profits ? i.e. if there were 20 trades made of which 15 resulted in profit of 15k and 5 resulted in loss of 5k, would the tax be on the net profit of 10k or would be on the profit from the profitable trades i.e. 15k profit would be taxed ? 6. When I asked about doing taxes with an accountant (did not ask the above questions because of the reason that follows), they said they would need to look at all the trades I made to determine the tax. However, I do not want to disclose the trades to the accountant. In general, does one need to disclose the trades to the accountant or can tax be done with it? If I need, how do I keep the trading strategy to be confidential when doing the tax at the account ? Thank you
  3. I will be moving my UK pension to Australia in June. I have an estimation that after accounting for the assessable growth, I have $150,000 that would be considered as non-contributional contribution. I am a sole trader. Can I claim $25,000 out of this contribution for tax deduction?
  4. I appreciate the need for detailed advice as to pension transfer arrangements. However, does anyone know if it would be possible to: (1) take 25% of an UK SIPP tax free in the UK before becoming tax-resident in Australia; (2) transfer the balance to an Australian QROPS/SMSF without crystallising a tax charge in the UK; and then (3) make further payments into the fund in Australia (getting whatever tax benefits are available for such payments from time to time in Australia). I am 55 but anticipate working for 10+ years still.
  5. Eclipse

    Tax on Uk Income

    Hi We have been in Australia since June 2011, we have a flat that we rent out back in the UK. We only got a tenant for the flat and started receiving money when we arrived in Australia. For tax purposes, who should we contact to declare that we have money coming from the UK (I think it is worlwide income?). We have a UK bank account that the money from the flat goes into. thanks x
  6. Be aware of the new law regarding CGT. Evidently you need to sell before the middle of this year in order to still be exempt from CGT.
  7. Hello, We are currently going through a 482 visa application and trying to decide what to do with our UK property, and would like some advice. For the last two years we have travelled abroad and rented our UK home, we were still deemed UK tax residents during that period as we weren’t settled in one country and were not working. Now we are looking at a move to Oz, and just thought we’d keep our house and continue renting it, however the more I’ve looked into I’ve realised there might be some pretty big financial pitfalls. We purchased the house (jointly owned by my husband and I) in Dec 2013 for £300k, lived in it until Oct 2017, during that time we did some extensive building work - we basically took the existing house back to brick work to start again and added an extension that doubled the size. The total cost of work was probably in the region of £150k, maybe as much as £200k. The house is probably worth £650k now. We didn’t keep all the receipts for the work we had done but I guess bank statements and credit cards could be used to get a more accurate record? Our house is currently rented out, the monthly rent is £2000. Our mortgage is around £1600 (variable) with roughly half (£800) being interest. So my questions: 1) If we continued to rent the house then the UK income I believe would come under the tax free threshold - is this correct? Would we still be entitled to the threshold as non resident? 2) if we rented the property would we have to pay tax on it in Aus? How is that calculated? 3) if we sold the property I understand we’d have to pay CGT. In terms of proving what we spent on improving the property what would we need to provide - would credit card statements be enough or would we need receipts and invoices for everything? 4) how much CGT would we pay if we sold now (using Dec 2019 for ease of calculations) versus if we sold in say two years time? My understanding is: Dec 2019 Owned property for 6yrs (72mths), lived in property for 47mths, Rented it for 25mths. Gain on property (worst case) £200,000 £200k/72mths = £2777/mth 47 + 18 = 65 x £2777 = £180,500 so CGT liability = £19,500, which would be inside our annual threshold. Alternatively if we kept the property and sold in two years time - Dec 2021: Owned property for 8yrs (96mths), lived in property for 47mths, Rented it for 49mths. Gain on property (I guess this would probably be a bit higher, circa 4% over two years based on current rises = value of £626k) £226,000 £226k/96mths = £2354/mth 47 + 9 = 56 x £2354 = £132k so CGT liability = £94k. £24k threshold, so we’d pay tax on £70, at either 18% or 28%. (£12,600 / £19,600) 5) if we sell the house how do we work out if we are basic rate or higher rate tax payers? Our “normal” jobs would both be higher rate - but do they only look at UK income (ie. income from renting our property) or is is based on what we’d be earning in Aus? thanks in advance for any help and advice you can give!
  8. Carter Parker-Burton

    Costs of living initially

    Hi all, Moving back to the UK (Midlands), what is the recommended amount of money to take back? (2 adults, 1 child) I've seen figures from $7500-$25,000 being thrown around. We will have free accommodation whilst back, staying with family. How and what are the prerequisites for acquiring a tax number? Do we have to have a residential address? Is this also the same for creating bank accounts? My partner and I have now had consistent work since leaving school (5 years), As it stands I should be back in the country 2 weeks before starting work and my partner will be actively applying closer to the date we move. Do real estate agents accept past work history and bank statements as a show of solid income? also if we are employed in the UK prior to applying for a rental property is there a certain amount of time they like you to have been working before they'll accept your application? Hope that is clear enough and not to muddled, apologies if so, any help would be great thanks :)
  9. Tobby44


    Hi everyone, I need your advice here. I have been working for my company for the past 6 years and was been paid by cash. So like that, I don’t have bank statement but I do have tax statement and payslips. Will this be enough to get a positive assessment from TRA. <b>Thanks </b>
  10. Hi, Let me know if there's an existing thread on this subject and I'll go find it, but in the meantime... - I recently moved back the UK after 4 years or so in Australia. - I want to continue freelancing for Australian clients and I'm not sure of the best way to do this, money-wise. - Can I continue invoicing in AUD with my ABN and get paid into my Australian bank account? - What happens at tax time (in both countries)? - Any tips for avoiding international transfer fees and so on? Lots of questions! If you can help with any of them, it would be much appreciated. Thank you!
  11. Hello people! Can anyone advise me on the best way to reclaim tax upon ending a visa and leaving the country? I have finished a working holiday and now a training visa and will be leaving Australia next month. Previously I have reclaimed tax from the gov website but I have heard people say that you can get a lot more of your money back from tax by using agencies? Has anyone used any such tax reclaim agents before that they can recommend? Would be v grateful! Thanks!
  12. I'm looking for another person to join the team at bdh Tax. If you have experience in a professional firm preparing UK tax returns and are looking for an opportunity to join a friendly firm that is adding to our client base quickly please feel able to send a message to me, or to send your CV to the address at this web page. Thanks! https://www.bdhtax.com/join-us/ Best regards.
  13. Sigemup

    About Property Taxes

    Hi Guys, If we own property, do we need to pay property taxes on annual basis? Thank you
  14. Hi All, If one has been USA for 2 months (Jan, Feb) and then moves to Oz, should they file the tax returns for those 2 months in OZ? Also, any idea if we need to file USA tax returns for those 2 months ? Thank you
  15. I hope someone can help me... I am on a 457 visa, British, have not applied for PR. Do I need to pay the Medicare levy (not surcharge, I am under the threshold anyway)? I was under the assumption I do not and have completed my tax return each year to say so. But then I get a letter from ATO saying my tax return is incorrect. I am very confused and worried all my tax return refunds will be taken back. This website indicates I may be able to apply for an exemption under the temporary visa / reciprocal health agreement - https://www.humanservices.gov.au/individuals/services/medicare/medicare-entitlement-statement Can any one help me with this?
  16. desreb

    AU tax on a second P45?

    Hi, I'm due to move from the UK to Australia around Christmas. As part of the move, my company is closing my employment contract in the UK on 31st December, and commencing my Australian one (same company) on 1st January. Hence I'll get a P45 referencing 31st December. However - I'm in sales and get commission, which is paid a month in arrears, with typically a large amount of it in December. My company said they'll pay my commission in a special January 31st payslip, and issue me a second P45 right after that. So, once I land in Australia, I'll get a GBP salary payment into my UK bank account, which I assume will be declared to the HMRC under PAYE, and which I'll need to declare on my first Australian tax return after July next year, and I assume pay tax at the prevailing rate. I expect to handle it as a split tax year between the UK and Australia. My question is - is it better to receive that payment in my UK or Australian payslips - assuming I can choose? The higher-rate income tax rates are pretty similar, I'm a part-year resident in each, and the amount is the same, just whether it's in one currency or another. The payment relates to work in the UK, due under my UK contract, so I assume its natural home is in the UK. It seems there's little difference in which country's payslip I receive it in, but i thought I'd check.
  17. Alan Collett

    Tax accountant/s wanted!

    bdh Tax is looking for a person (or two) with knowledge/experience of UK tax return preparation, based in Australia. You needn't be fully tax qualified, and can work from home if preferred, albeit that attendance at one of our offices periodically will be desirable. We are happy to help you upskill in Australian tax return preparation, including paying for a suitable course or two. If you are interested and would like to know more please feel able to send your CV to tax@bdhtax.com Best regards.
  18. mrsozb

    CGT UK to Australia

    Hello everyone and thank you in advance for any tips/advice. I have lived over in the UK since 2012 - 2 years on a work visa and nearly 5 years in ancestry with plans to get British citizenship via ILR. I have been married since 2014 and have one child. My husband is from the UK. We are thinking of coming to live in Australia and starting this process within the next 12 months but of course lots to think about!! Ive been trying to read about CGT but it’s giving me a headache and caused some rather heated debates at the kitchen table!! My husband bought a flat in 2008 and I moved in with him in 2013. From what I have read if we sell before we move to the UK -which we will need to do for financial reasons - we will be hit with CGT i will be getting advice professionally but would appreciate any tips as the more I try to figure it out the more i get stressed!! I guess what I’m asking for is an ‘idiots simple guide’ to what we’re looking at in terms of potential money to the Aust govt and the best way to start planning Thank you!
  19. Hi all I'm trying to organise Undeducted purchase price information for my UK teachers' pension. I have located and downloaded a form issued by the Australian government but am a bit foggy about the next step - do I send the form to the Australian tax authority for help, or do I contact Teachers' Pensions' and ask for information? I'm hoping there might be a retired UK teacher out there who can offer advice. Thanks in advance.
  20. Hi all My parents have their permanent residency here now :-) Yeahhhhhhh They get only a UK State pension paid directly into a bank account in AU. Dad got a letter from his UK bank where he only has a few hundred pounds and no deposits going in asking to verify where he is resident for HMRC For tax ??? Question: I assume we say resident in AU ? Question: His total state pension income is aprox 21K au dollars depending on exchange rates and mums is even less probably about 10K....so will he get a tax bill here now ??.......which they cannot afford :-( Thanks in anticipation Kerry
  21. Like many on this forum - dual citizen of both the UK and Australia. I was wondering if this brings any benefits for spreading your wealth between nations to legally get the most out of tax incentives? Happy to hear any ideas/discussion. I have very little money left in my UK account. I earn a salary in Australia. I have savings in Australia and also a split of ETFs bought on the ASX. i wonder if its worth investing into an ETF via a UK broker or moving some AUD back into an ISA that would generate less than the £14k tax threshold? I know the savings rates are better here so leaning more towards an ETF. As i understand it id be saving on paying tax in Australia and UK in doing this, whilst still declaring it as foreign income with ATO?
  22. Hi All It's been quite some time since I've been on here. We have been in Australia now for nearly 3 years, and have sold our UK home. The sales completes in a few days, and we don't really know the best way to move our money over here. Obviously it would be good to not pay any more taxes and charges than necessary! We do have a financial adviser in Sydney, but we feel they are always trying to sell us in to some kind of thing that profits them. We can understand why this might be, but we'd feel more comfortable knowing how this all works before making decisions. I'm pretty sure this kind of thing will have been asked before on here. We currently don't know much about this, as we have never sold a house and moved the money to Australia before. Any advoce and tips would be gratefully received. Many thanks Matthew
  23. A question asked regularly by those who are moving to Australia is whether there is a need to lodge a UK tax return. HM Revenue & Customs – or HMRC – issues tax returns in April each year to individuals who are already in the UK Self Assessment tax system. Once HMRC has issued a tax return or a Notice to File to a taxpayer the return must be lodged by the due date if a late filing penalty is to be avoided. Note: The due date for lodging a UK tax return is usually: 31st of October following the end of the tax year if submitting a hard copy (ie paper) tax return 31st of January following the end of the tax year if submitting the tax return electronically Thus, the due date for lodging a 2018 personal tax return with HMRC electronically will be the 31st of January, 2019. It is known for HMRC to agree to withdraw the request a Self Assessment tax return if all income is being taxed under PAYE, or if the taxpayer has departed the UK to live overseas – ie became non tax resident in the UK – before the start of the tax year under review and has no ongoing source of income that remains subject to tax in the UK even though non resident. The most commonly encountered UK source of income that remains subject to tax in the UK when an individual is not UK resident is rental income from a property located in the UK. So what happens if you are not in the Self Assessment regime? Most taxpayers in the UK are not required to lodge a tax return because their income is taxed through the UK Pay As You Earn (PAYE) system. However, individuals with the following circumstances should take active steps to enrol in the UK’s Self Assessment regime, and to lodge a UK tax return for the previous UK tax year: You were self-employed You received £2,500 or more in the form of untaxed income after allowable deductions, such as from renting out a property, or in the form of dividends or interest from savings and investments You received dividends or interest of £10,000 or more from savings or investment income You made a capital gain from selling investments such as shares, a second home or other chargeable assets of an amount in excess of the Capital Gains Tax Annual Exemption You were a company director – unless it was for a non-profit organisation (eg a charity) and you didn’t get any pay or benefits, like a company car Your income (or your partner’s income) was more than £50,000, and one of you claimed Child Benefit You received income from abroad on which you need to pay UK tax (eg from a rental property located outside the UK) You lived abroad and had a UK income You received dividends from shares and you are paying income tax at the higher or additional rate Your total income was over £100,000 You were a trustee of a trust, or of a registered pension scheme HM Revenue has an online tool to check whether there is a need to enrol in the Self Assessment system and to lodge a UK tax return here. The most commonly encountered circumstance where a person living overseas is required to complete a UK tax return is where a UK located property has been retained and is being let. For such individuals the tax return will include the Property and Residence supplements. It should be noted that the Residence supplement cannot be lodged through the HMRC website – options include submitting a paper return by the 31st of October following the end of the tax year, buying commercial software that allows for the preparation and e-submission of the supplement, or instructing a firm of tax accountants. If you are uncertain whether you have to complete a UK tax return, or have a need to enrol in the UK Self Assessment system we invite you to contact Collett and Co Tax to discuss how we might help. We will be pleased to have an initial free no obligation conversation to discuss your tax situation, whether there is a need to submit a UK tax return, and how we might help. Our fees are fixed in amount, and are agreed in advance of you having a commitment to us.
  24. Hello i would appreciate some advice. My partner and i moved to QLD in February from the UK and we have permanent residency status (we love it) Annoyingly we moved out shortly after Brexit when the Pound had massively dropped in value so only brought enough money over to get started and get on the property ladder. I do feel as though the Pound will regain some of its former strength eventually but i wouldnt be surprised if it takes another 3 years or so I have substantial savings just sat in a bank in the UK earning less than inflation and some stocks and shares held within ISA's which i can no longer contribute to and maximise as im no longer living in the UK, plus some rental properties. I have been waiting for a Bear market or at least a market correction (surely it must be coming soon !) to invest the money sat in the bank in three or four low cost unmanaged index trackers probably with Fidelity.co.uk (who i have my ISA's with) to capitalize on the cheap stock prices then hopefully enjoy the next rise in the markets by which time i am hoping the Pound will have gained some strength against the Dollar. At this point in the future i would hopefully be able to move some or all of the money over to OZ to use here or just invest in an Ozzy fund provider for future retirement. What im not sure on is the potential Tax implications on profits made on those shares and any issues regarding timing of moving money over to OZ. Im looking to make my savings and assets work for me but and be efficient as possible but dont want to fall foul to Tax Issues like being taxed in both countries or paying more Tax than necessary. I dont know if anyone has been in a similar situation but all advice is welcome. Thanks Richard
  25. Hi, been living in Australia for years and now dual bristish and Australian citizen. I’ve sold my UK property and wondered if anyone has done the same and how that effected their Australian tax return? Do you have to pay capacitor gains tax? How does it work?