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Found 661 results

  1. Hello, If all goes well, then my family and I are planning to move to Adelaide in the month of Aug - Sept 2018 and have a few concerns / questions on money transfers. can one open a bank account from overseas, i.e. before arriving in Adelaide? If so then how do we go about it? (Money transfer from UAE, Qatar) any recommendations on banks? Some with low service charges etc? is the transferred money taxed? If so then what % Appreciate any other additional info that you may think is useful. Thank you. KPG
  2. Hi Everyone. We’re buying an invistment property in Queensland which we’ll negatively gear. My wife is an Australian citizen; I’m a permanent resident. Does anyone know if there are any tax disadvantages to my ownership of the property (as a PR Brit) versus hers (as an AU citizen)? Thanks. Mark
  3. Hi all, Does anyone know if you can set up as a PTY or an ABN before I get to Oz? I'm going freelance and need to bid for some UK contracts before I leave for Australia. My UK accountant doesn't know the Australia system but has advised I set up in Australia to keep things simple for myself tax wise. I've looked into getting a TFN, but can only see a few options - non-resident (which I will be for the next 6-7 weeks) or wait until I get there and get my TFN. Like I say my issue is I need to set up and get my company sorted before I arrive. Any advice gratefully received I'm moving to Sydney. I have a 190 visa.
  4. Hi again, My wife and I moved to Oz from UK in 2011, were AU residents 2011-16, and citizens 2015-16. We're now back in the UK, and belatedly filing our 2015-16 AU Tax Return. Since we were renting out our UK house, around half-way through our AU residence, we paid off enough of the mortgage that we started receiving a moderate net income from the house that was still well within the personal allowance. All the time we were in AU, we were declaring the net income on our AU tax return, and paying tax on it. So - I was doing the 2016 return, and I had forgotten how we had declared the house the previous year. I did some googling, and came to the conclusion that we should declare it in the UK. HMRC general advice on dual taxation UK - AU dual taxation convention Specifically the text is: ARTICLE 6 Income from real property 1 Income derived by a resident of a Contracting State from real property may be taxed in the Contracting State in which the real property is situated. 2 The term "real property" shall have the meaning which it has under the law of the Contracting State in which the property is situated. The term shall in any case include: (a) a lease of land or any other interest in or over land; (b) property accessory to real property; So - it seems we should have been assessed for tax on it in the UK primarily, in which case it would be within the UK personal allowance, and no tax paid. Hence no tax paid in AU either? This HMRC consultation from 2014 about removing the personal allowance for non-residents appears to confirm the case, by virtue of the fact the consultation sees it as a loophole that HMG want to close! So, my questions are: Am I reading this right? Can I declare it on my UK tax return, and pay nothing on my AU tax return? If we've been doing this for 2011-14, can we re-file previous years' returns to reclaim the tax paid in those years, if significant? How far back should tax be reassessed (as I think we were originally claiming a deduction on a net loss on the house of mortgage over rental income during around 2011 to ?) Many thanks! Damo
  5. salsera

    UK Rental Property

    Hi, we have a property which we are renting out in the UK whilst here on a 457. We declared the income from our UK property rental on our Australian tax return last year but now have been told we also need to complete a UK tax return. How do we ensure that the income from our property is not taxed on our uk tax return when it has been taxed in Australia - we obviously don't want to pay tax twice?
  6. Hi, I'm from the UK, and have been doing my Australian tax lodgement for the year. I am due to pay the ATO the 2% of my salary for the medicare (just levy, not the surcharge). But my issue is that I have also been paying for the 457 health insurance for the past year, the minimum one that meets condition 8501. However, I remember reading somewhere, some time ago, that once on medicare, this obligatory insurance necessary to get the visa in the first place can be cancelled as medicare meets condition 8501, and that one has to contact DIAC to get a letter or something? When I called up the insurance recently to enquire about this, they said I have to maintain the insurance and she got quite funny about it. Does anyone know if, and how, one can get exempt from this health insurance, and also, could I get a refund for the $1000+ I have paid over the past year for something I didn't need due to having medicare? (if the case). Also, I was questioning the need of applying for medicare in the first place, as it has worked out a lot more expensive than had I just had the health insurance.. I just did it automatically as everything I had read encouraged to 'get medicare'. I don't understand the ins and outs of the system obviously, so hopefully these queries are simple to answer . Thanks
  7. Hi everyone, Just looking for some advice and hoping someone can help me with income tax while on a 417 visa in Australia and how it works. I understand there is information online but it can be quite unclear so I wanted to see if someone can help me- I have started working for a company and get paid monthly. I received my first pay last Friday, but I was taxed more than expected. My understanding is the income tax for people on WHVs changed in Jan 2017, and we are now taxed 15% on every dollar earned, until we have earned $37,000 total and then the income tax increases to around 32%. The payroll at work said my tax was higher than expected because they put me down as a 'resident for tax purposes' and overlooked what I had actually written on the tax declaration form. They are now telling me I should in fact be taxed more than I have been already, as they said the 417 tax is split throughout the year so are saying because they will eventually be paying me over $37000 total, my tax is not 15%. I was under the understanding that it isn't worked this way, and it is a flat rate 15% tax UNTIL you have earned $37,000? Please could someone help clear this up for me? I'm quite sure I am right however payroll are now ignoring my emails after saying it will be set up how they have suggested (which I believe is incorrect). And it's a few hundred dollars different for me so can't really afford to wait until next tax year end to claim it all back Thanks NB: I have called ATO as my employer wanted an exemption letter (I'm sure this isn't necessary as it's not an exemption- it's how the tax works?!) but the ATO said they can't supply this and that they cannot help anymore as it's personal tax advice
  8. Hi all I just had my 457 approved a few weeks ago (was on 417). Great news, BUT... I was so gutted to see on my last payslip (Jul 14th) that I've gone from paying $1,370 in tax to $2,535! That's $1,165 more tax or a 48% increase—enough to pay my monthly rental cost twice over! I understand it might just be the way the cookie crumbles, but can anyone with more experience than me with the Aussie tax system confirm that it sounds normal to be paying so much more tax on a 457? It works out around 25% of my monthly salary is tax. Is there anything to be done? Will becoming a permanent resident help? Any advice hugely appreciated! TooEasy
  9. christopherj

    Do i need to lodge tax return

    Hi All.... This is my situation I work for a Sri Lankan IT company and one of our customer is Aus. I was in Aus 2016/17 working on a project for the above customer for 3 months on the 400 visa in early 2017 we received the 489 I was again in Aus for 4 months on the 489 visa working for the same customer. My monthly pay was only in Sri Lanka and ONLY from my Sri Lankan employer. Now i'm not working for the Sri Lankan company my question is.. do i need to lodge tax details for 2016/17 Regards Chris
  10. Hi all - new to forum, signed up especially as hit a new low following the ATO's WHV tax rebate rules. looking for people in similar situation. As per the ato website WHV holders who have earnt $18,200 or more between Jan-Jun 2017 will get essentially NO TAX FREE THRESHOLD on any income received Jul-Dec 2016.Say you earnt $18,200 in Jul-Dec 2016 and $18,200 in Jan-Jun 2017: this means you pay 15% on WHV income which also in turn erodes the tax free threshold on earlier income resulting in paying 19% tax on $18,200 PLUS 15% tax on $18,200. This can’t be right surely?????? I've gone from overpaying my Jun-Dec 2016 tax by $2-3k (pro-rata threshold / previous tax rules) to not only having that eroded by income earnt in 2017 but I now owe tax apparently, even though I've been consistently paying 15% tax in 2017. (FI I earnt approx $24k 2016 and $15k 2017 paying $7k in tax in total)
  11. confusedbytax

    Confused by my tax situation.

    Hi all, Please bear with me.... the current situation.... British on 457 sponsorship visa Been in Australia 18 months Paid 120k year salary which I have paid tax and super on. I have a ABN/LTD Australian company with about 1m$ in the bank. I have taken $0 income from the company and paid all tax required. Due to recent changes in the visa sponsorship, I, unfortunately, will need to return to the UK. I understand I can claim back my super / tax which is great. However, I am not sure on my situation of the $1m I have taken no income from. What happens if I was to transfer the whole amount to the UK? I need to close down my Australian company too. Any thoughts or advice? Thanks
  12. Hi there, I'm hoping someone may be able to give me a bit of help and advice. I've recently moved to Aus on a 457 visa. I am sponsored by our UK entity however we have an Australian entity setup but for some reason as the Aus entity was new, I was sponsored by the UK. My company are now saying that they cant pay me via Aussie payroll without transferring my visa so have continued to pay me through the UK payroll with tax, NI deductions, pension etc. I'm a bit confused by this as it means I have to transfer money each month and am paying for benefits (NI etc) that i'm not able to use in Aus. I thought that the Aussie govt would want me to be paying tax in Aus but my company says they cannot facilitate this. Is this a problem or likely to cause me a problem in the future with future visas, tax etc? (other than the admin headache of the monthly transfer) I dont think my company know too much about what they are doing (first Aussie employee) and I dont want this to get too complicated or cause me any future problems with extending visas, paying tax twice etc! Obviously transferring my visa to another entity is risky with the changes to the 457 etc, I have a feeling this may end up not being straight forward! Many thanks in advance Emily
  13. SARAH1974

    Tax File Number

    Quick piece of advice! I traveled to Oz on a working holiday visa back in 2001. I am now moving to Oz on a 190 Perm Resident visa in September 2017. I have the letter with my old TFN on it - will this be re-opened or will I need to apply for a new one once I arrive? Thanks!
  14. Hi all, Having established in recent threads that depreciation reports are a great way to minimise tax on rental income, I'm really struggling to find a company in the UK that is aware of the ATO's requirements for such a survey, or is even familiar with the idea of depreciation reports for domestic properties. I've tried e-mailing two different guys at Davis Langdon, which is the only UK company I could find who seem to offer the service, but I've not had a reply from either of them. So: does anyone here have a UK rental property for which they've been able to get a depreciation report done to ATO standards, for use in their Aussie tax return? TIA Tarby
  15. Hi Does anyone on here have tips in this area? We are moving to Sydney in 4 weeks time, and are letting our home ion the UK out. We will do our own tax returns, as we can claim back interest and costs etc. We are married and co-own the property. So, do we do a single tax return, or are we required to do one each (for UK tax) and would we get any tax-free allowance in income? and if so, do we both get one? I will probably ask my accountant, but was looking to gain a bit of knowledge first so I can follow his advice better. If anyone knows, please help us I gather you can phone the tax man yourself, but I am in work and have no spare time at all right now.. Thanks! Matthew
  16. Hi guys, I plan to travel Australia next year on a WHV and just read an article on yahoo finance regarding backpacker tax which will be coming into place in 2016. Anyone know more on this? And can backpacker tax be claimed back at the end of a WHV? Here is the link to the article https://uk.finance.yahoo.com/news/australian-backpacker-tax-hit-british-081250323.html
  17. HM Revenue has published FAQs to provide guidance on the new CGT charge that is being introduced on the disposal after the 5th of April 2015 of UK residential property by non-UK resident individuals: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/413988/capital-gains-tax-non-uk-res.pdf Best regards.
  18. Guest

    Tax free investments

    Are there any tax free savings schemes in Oz? In the UK we have ISA's (individual savings accounts) which let us save up to a limit each year the interest/income is then paid tax free. Looking at the ATO website I can't see anything similar but maybe I just don't know where to look.
  19. lknights1987

    Australia Taxes?

    Hi all, I'm hoping to emigrate out to Australia in the near future and wondering what i'd get taxed for working and living in Australia on a sponsored 457 visa or permanent visa? What percentage would i need to pay on income tax if i were to earn 70,000-80,000 AUD a year and other then income tax what other payments are likely to come out of a salary? Cheers :smile:
  20. Hi All, My mum is currently in Oz on a bridging visa (Aged Parent). We were told by the ATO she was entitled to a TFN, however upon making an appointment, we were told to go to Immigration to get the VISA in her passport and get a bank statement and then return.....which we did - but they refused to give her a TFN because the VISA states she cannot work. She doesn't want to work, she just doesn't want to get Tax Withheld on any interest in her accounts at 47% !!! Has anyone been through this before? Cheers, Dave
  21. Didaho

    Taxation in Australia

    Hey guys I have just landed and currently work in Australia on a 457 visa, I need to discuss my tax liability in Australia in regards to an online business income that I have based in the UK and I want to go through the procedure of taxing this income in Australia. Are there tax accounting companies that specialise in this overseas specific, I don't need names just a helpful yes and then I can endeavour to to track them down. I was reading the 8107 work restriction and as it is strongly worded I don't want to fall foul of this if I am generating online income and wanting to tax it in Australia, despite the hot weather my blood ran cold when I saw this work restriction. Kind regards Duncan Idaho
  22. Hi All I'm moving to Australia soon and renting out my flat here. As I understand it, there will be no UK CGT payable if I sell it within 3 years. But I'm wondering, since I'll be an Australian resident at that point, will I have to pay Australian CGT on it? Any advice would be much appreciated!
  23. As a 10yr resident of Aus (never thought of going back even for a nanosecond) I suddenly find my hotmail and LinkedIn accounts being bombarded with scaremongering mail urging me to "transfer pensions now" and "get it done quick or lose it". As the holder of a MOD (UK), local government and NHS pensions I have to admit to being a bit twitchy about this mail. I understand that I will still be able to claim the pensions and that only certain pensions will be affected subject to a review by the UKPA (Pensions Agency?) as outlined with such simplicity in the last Budget. Does anyone know when this review will be finalised and what the current status of the pension transfer issue is? I certainly won't be handing anything over to these charlatans and probably won't have to after I collect my Nigerian lotto winnings. Any help appreciated. Regards
  24. I have lurked around on this forum for literally years and years, about 5, whilst we have made the decision to return to the uk. We have been in Sydney for 8 years, moving here from London in 2006. We now have 2 small children (3 and 22 months) and have finally got it together to return, we fly Oct 28th. Whilst we have talked about little else for the past 5 years now it's actually happening I am feeling a little "cold feet", but really for us, it's time to go home. Mainly it's people saying "why on earth are you moving back" that cast doubts over the move, this is usually from people who have either never been to Australia but "saw it on the telly and it looked nice" or came on holiday here once. Or family. Anyhow, my question is, has anyone remained working for their Australian employer whilst in the Uk, and what were the implications for tax? (Resident/none resident). I will be either permanently working or freelancing in the uk, but my husband will be still working for his australian employer for at least a year. We currently have a rental property there (which we may well move into if we can transition to a residential over a buy to let mortgage, and we are sure we are staying) but I just wondered in general terms the tax implications of still being resident here for income tax whilst living there, and if this has implications for other things such as healthcare, pensions etc.
  25. watneyni

    Pensions - transfer or not?

    Hi, Just got my PR... so now have 6 months to transfer my pension, tax tree. I have found that Australian Super transfers are free and others (like BT) can change $1300 advisory and then 4.65% on the transfer :-( My question is....what happens if i just leave my pension in the UK until I am 65/70 and then then just transfer the funds to AUS on an adhoc basis? Would this attract any tax etc. My Scottish widows pension has been performing at 60% over the last 5 years, so a little nervious to move it! Cheers Nick