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Found 661 results

  1. Hi there! I am looking for some advice/ recommendations/ information about exchange rates, transferring money, tax, recommended companies/ financial advisers to approach, etc etc etc... Our situation is that we are in the process of emigrating to australia. We left the UK early in December but have still yet to touch down in oz as we are taking the opportunity to do a bit of travelling on route. Therefore, we are not yet Australian residents (visa 176) - but, it appears, that we are also no longer UK residents which is making things very difficult! The exchange rates seem to be moving alarmingly in the 'wrong' direction (given that we have our savings etc in sterling and want to transfer to aus dollars). We also have worries about tax etc e.... what can we do/ who can we speak to? Having looked at a lot of websites it seems that we are already 'too late' having already left the UK... is this true Please help!!! All advice gratefully received.
  2. Guest

    Advice on LAFHA

    I am in the final stages of negotiation on inner role in Australia. It is a senior role and at this stage I have no idea under what visa they are thinking of employing me. First question is can I influence this? Second question is what then do I need to do to benefit from LAHFA and is it worth it? As I am still in negotiations there may be some leverage I can use here but obviously although Tax advice is being offered as part of the package this won't happen until I have accepted the offer....... Any guidance appreciated.......
  3. hi all, I have 2 questions that i'm struggling to find answers too... LIFE INSURANCE 1 - I want to take out life insurance for my family and I - I've been living in Oz for the past 7 months and i'm on a 457 sponsored visa. no-one will insure me from the UK that I can find as I dont have a UK address in my name. are there any companies out there who will provide this service? PAYING TAX IN OZ 2 - my company is a UK based company who are sponsoring me. they pay me in £GBP each month and I play the exchange rate game of transferring my money over to Oz. I'm paying Tax in the UK as normal but not paying anything in OZ. should I be paying or is it fine to be paying in the UK? any advice would be greatly appreciated! Andy
  4. Hi, it's been a few months since I posted and I have read that there's a number of people relocating to Mackay ) Good times.. I wanted to know about the relative cost of living in Mackay, I know the property market (purchase and rentals) are crazy high, double what we pay here in UK on our mortgage (which is high enough) But I understand its all relative. My hubby is a crane driver and is looking for work in this field, preferably in the mines. I have heard what the average mine wage is for Darrens skills but what about outside the mines? What's the average wage within the construction industry, what is the avalibility of crane work? And also, I read on a link from the Local Mercury newspaper that the income tax is really high too. 30-38% :chatterbox: As a rough guide, I calculated the rent/mortgage to cost around AU$1800-2000 per month, other essential outgoing around another AU$1500 per month... I'm kinda panicking that the outgoings outweigh in the income.....:no: (I guess the worst comes to it, I can always go fish for dinner :fish2: :wink:) Thanks, Andrea.
  5. Hi Will be arriving on a whv in Jan and will be working in construction in Perth . I am just a bit lost on what taxes I will be paying as I heard somewhere that there is higher rate of tax given to whv? Any light shed on this will be greatly appreciated Thank Paddy :xmas23:
  6. I'm just doing my tax returns for the UK (11-12) - I moved over to Melbourne in April 2012. As it looks as though I will be continuing to work freelance for UK agencies (and existing clients) I am hoping to find out whether or not I should continue to do tax returns in the UK or if I should claim it all when I do my Aus tax in June. The UK work pays enough to continue working this way but I'm unsure who the heck I should pay in taxes when I start the new tax year. (the return I'm currently oing will be fully UK based so this is a question for next years returns) Also in terms of expenses - are my expenses (equipment and clothing etc) that I purchase over here in Aus something that I can claim for on my UK tax return? Or will they only accept UK receipts? (or vice versa) All the work I have completed in Aus has been worked through an agency so tax and super has been taken off directly. Can I, and is it tax efficient, to pay tax in both countries? Obviously I can only claim expenses once on either...! Failing this... does anyone know a good (good = cheap and wise) accountant that deals with UK/AUS freelancers/self-employed? (1 tax return is always bad enough right!!!!) Thanks
  7. Hey all, First post. My visa runs out in early December and I'm not going back to the UK as I'm going round the world again (huzzah!) but I don't quite fully understand the process to withdraw my Super... I've spoken to THREE different companies today including my Superfund, and have been given all sorts of different and confusing info! Firstly I've been told I can't get my Super paid into my NAB account. As I'm not going back to the UK I'm going to continue to use my NAB (and a cash passport to top up with NAB account) for travelling but I've been told I have to cash the cheque in person in the UK! However, I've also been told I CAN get the Super paid into my NAB but the documents I need to withdraw my Super have to be sent to an overseas mailing address. I'll be in the Philippines, impossible! Plus I've been told the Aussie government takes 30% of Super when you leave the country because that's the tax you pay if withdrawing before the age of retirement! What a load of rubbish, I'm not going be here till my retirement. With that the case why do they feel the need to take Super off paid wages of WHV holders anyway? It's a scam! Anyway, can anyone explain in plain English the process I should go through. Remember I'm NOT going back to the UK for another year... Thanks guys! :smile:
  8. I currently have a small investment in Physical Gold and have been told by the Customs Information and Support Centre that, because it isn't coinage in current use, (gold bars) that it would be subject to Goods and Services Tax on import but, given the fineness of the metal, they would be duty free. No details were given as to the percentage of value of GST that would be applied and I'm looking for any advice on what to do with it prior to making the move to oz or indeed any personal experience anyone has. If gold prices go up before I emigrate, no problem, I'll sell but if they don't... lol Thanks
  9. Hi There, Can anyone recommend a good Tax Accountant in North Sydney. I've found a few on the Internet but would like some recommendations if anyone has any please? Myself and my girlfriend are here on a 457. I still have a property in the UK that I'm renting out so I need an accountant who is aware of issues around being an Australian tax resident but on a temporary visa. Cheers Rob
  10. What implications are there for not paying tax in Australia when working on an ABN? The number of irish lads I have spoke to who are ‘doing a runner’ is ridiculous. Obviously it will mean they cant return to oz, but would it carry onto any other countries?
  11. Tarby777

    The delightful ATO

    Hi folks, If there was no ATO, my rental property would cover its costs There isn't much interest on the mortgage and I don't have too many expenses other than the rental agent's commission, so most of the income from the property is treated as taxable by the ATO. The result of this is that I end up with the property negatively geared, but only because of them. I know that if the property was negatively geared before considering tax, there would be things that I could claim at tax time. How do I stand, given that it's only negatively geared because of the tax that I have to pay on it? TIA Tarby
  12. I am about to leave Australia to go back to the UK. I have a 457 visa and am about to finish a 6 month contract (the only work I have had since being here). As I have only worked for 6 months, am I able to claim back some tax (as I would be entitled to in the UK due to the tax being applied on the basis that you are working for 12 months)?
  13. Hi folks! I wonder, how much money is being paid in taxes in OZ? According to my brief investigation (mostly from the internet), I've concentrated it in the list below.However it seems a bit strange to me and I'll explain why.. According to my knowledge (again - internet and people who I speak to in OZ), the standard of living is very high in OZ. And by saying that I mean the quality and availability of employment, poverty rate, hours of work required to purchase necessities, number of vacation days per year, affordable (or free) access to quality healthcare, quality and availability of education, cost of goods and services, economic and political stability and more... Considering the above, the taxes not seem to be very high comparing to the taxes in Scandinavian countries for example, which also offer a very high standard of living but the taxes there are much higher. Partly due to high social security payments (which as far as I understand does not even exist in OZ??). Could someone review the below list and correct me if I miss anything? If the below is correct, I'd be interested to find an explanation for this difference. So the first and the most significant - Personal Income Tax. Which is described pretty simple in the below table: [TABLE=width: 500] [TR] [TD]Taxable income[/TD] [TD]Tax on this income[/TD] [TD]Effective tax rate[/TD] [/TR] [TR] [TD]0-6K$[/TD] [TD]-[/TD] [TD]0%[/TD] [/TR] [TR] [TD]6K$-37K$[/TD] [TD]15c for each $1 over $6,000[/TD] [TD]0 – 12.6%[/TD] [/TR] [TR] [TD]37K$-80K$[/TD] [TD]$4,650 plus 30c for each $1 over $37,000[/TD] [TD]12.6 – 21.9%[/TD] [/TR] [TR] [TD]80K$-180K$[/TD] [TD]$17,550 plus 37c for each $1 over $80,000[/TD] [TD]21.9 – 30.3%[/TD] [/TR] [TR] [TD]180K$ and over[/TD] [TD]$54,550 plus 45c for each $1 over $180,000[/TD] [TD]30.3 – less than 45%[/TD] [/TR] [/TABLE] Capital gains tax - this one is obviously irrelevant for those who does not have any investments into capital assets. Goods and Services Taxes - Regular VAT (value added tax), which is 10% of most supplied goods and services. Property Taxes and Excise Taxes - those are the taxes for certain property (usually commercial and hence seems to irrelevant?) and taxes for goods like cigarettes, alcohol, fuel etc... Now that seems to be just it. So if we take, for example, a salary of 60K$ a year, the overall tax will be 4,650+0.3*(60,000-37,000)=11550$, which is just below 20%! Then if I add here the VAT, the overall tax will build up to ~30%, as far as I see it.. Which again - is not much.. Will be happy to get some replies here. Thanks! Eugene
  14. Hello! Hoping someone can help me... I have made the very traumatic decision to go back to the UK after 5 happy years in Aus (sob). I don't really have that much stuff that i need to keep, so I was thinking maybe just send it air freight/unaccompanied baggage. Prices seem quite reasonable, but I'm thinking there must be some sneaky import customs taxes, duties type things for when my stuff arrives at Heathrow - does anyone know anything about this? I can't find the info online. Basically, if there are lots of sneaky costs, I'll just buy the more expensive BA flight and get extra luggage. I did think about shipping, but the man at the freight company seemed to think that was a rubbish idea - talk about needing professional packers, and having to pick up the stuff from Dover myself. It sounded too hard and pretty expensive. Would really appreciate any advice xxx
  15. According to the Australian Bureau of Statistics the construction industry is the fourth largest contributor to Australia’s GDP accounting for around 7% of Australia’s total economy and over 9% of Australia’s employment. Construction has been a backbone of the Australian economy and the Australian way of life. Notwithstanding, the Australian government has chosen to simultaneously introduce three very significant tax changes that directly affect the Australian construction industry. As of July 1, 2012, the construction industry will be hit with the implications of: Carbon Tax Mining Tax Compulsory reporting of subcontracting arrangements to the ATO This is a time when the government has already withdrawn support from those in the building and construction industry through: Eliminating the free home insulation scheme. Not continuing or increasing the School Building and Renovations program. Being extremely inconsistent on when and if they are going to subsidise solar. Taking longer than expected to roll out the National Broadband Network (a major infrastructure project consuming huge construction industry resources) It has also come at a time when the Federal and State Governments are applying increasing requirements for builders to build green home and green renovations such as Victoria’s recent upgrade to a minimum 6 star rating for new homes at the same time that consumers are trying to build bigger homes with smaller budgets. The Carbon Tax and the Construction Industry Manufacturing the materials used in construction of new homes and renovations is extremely carbon intensive. As a result the carbon tax will add thousands of dollars of new costs to a new home. The HIA estimates that with the introduction of carbon tax the price of a new home will increase by between 0.8% and 1.7%.The Allen Consulting Group have released a carbon price mechanism report that estimates that the carbon tax will add around $3,821 to its model two storey detached brick veneer 200m2 house. The Allen Consulting Group report found that in building a two storey home in NSW you would see increases in a broad variety of building costs, including: Direct Energy: 6.8% Aluminium: 4.1% Bricks: 4% Concrete: 3.2% Steel: 3% Carpet: 2.6% Paint: 1.5% Timber: 1.5% Glass: 1.1% Plasterboard: 1% The Mining Tax and the Construction Industry Whilst the Mining Tax is not directly related to the Construction Industry, the Government’s Mining Tax will increase the costs to an industry that supplies materials to Australia’s Construction Industry. The mining tax that is set to commence from July 1 2012, imposes on select sectors of the Australia’s Mining Industry a 30% tax on extraordinary profits, specifically in the coal and iron ore sectors. Similar to the Carbon Tax, this Mining Tax could have a flow-on effect to the Construction Industry that causes price increases in building materials and construction costs. An increased cost of production in the coal industry could lead to even further increases in the cost of Direct Energy as a significant proportion of Australia’s electricity is produced using coal. Building products that use a lot of energy in their production such as aluminium, steel and glass could be hit hard. Targeting the iron ore sector also could have a direct flow-on to the cost of steel, a major component in the manufacture of Australian homes. The cost of steel has already increased significantly over recent years, with building products such as roofing, scaffolding, framing, nails, and steel reinforcement going through the roof. The last think that the building industry requires is even further increases to the costs of these steel building products. Tax Office targets Construction Industry in Sub-Contractor Crackdown The third prong in the Government’s three-prong attack on Australia’s Construction industry is a significant crack-down on payments to subcontractors by builders with the introduction of mandatory reporting to the ATO of all payments made to subcontractors. The new tax regime starts on July 1, 2012, and requires builders to report to the tax office all of the following: The details of sub-contractors used by the builder. The ABN of each subcontractor. The exact amounts paid to each subcontractor. It is proposed that the ATO will be using this information to data-match against the tax returns of each subcontractor. It is possible that discrepancies in the amounts reported by the builder and the subcontractors could lead to further scrutiny of their accounts by the Australian Tax Office. The ATO has also indicated that it may share this information with various State and Territory authorities that could, for example match with payroll tax and workers compensation payment records. Should this information also find its way into the hands of construction industry run superannuation and insurance schemes, significant additional costs could be imposed on small businesses. Accountants have said that this extra reporting requirement will cost builders on average of $300-$500 per year extra in compliance costs. There are also risks that builders will be hit with extra costs as a result of increased audits from the ATO of their businesses and the businesses of their subcontractors. Furthermore, subcontractors may seek to increase their rates to builders as a result of the extra risk of the builders reporting their payments directly to the tax office. The guidance from the ATO as to what needs to be reported and what doesn’t has been confusing to say the least. For example, the ATO has said that domestic building projects will be exempt from the program, however if the domestic building projects involve the use of subcontractors then they will need to be reported. Given that nearly every building project (of any size) involves the collaboration between various contractors (plumbers, electricians, painters, tilers, etc) it would seem that this “exclusion” actually might still capture the vast majority of projects. This change comes into operation on July 1, 2012, so we would highly recommend that everyone in the building industry (builders as well as subcontractors) speak to their accountant about how this is going to affect them.
  16. We’re serious about emigrating to OZ and so I guess it’s sensible to ask the following of anyone who has had experience of recently moving over Financially speaking, are you better off, worse off or about the same. (If either of the first two can you estimate to what degree) I hasten to add that we’re not motivated by having extra bundles in the pocket but we do need to get an idea of the financial consequences. Are there any bills/taxes/etc that we should be warned about?
  17. Guest

    Tax rebate question

    Hi, I was wondering if anyone already living in Oz could tell me anything about the income tax system. We moved to Adelaide just over two mts ago and my oh is working and paying about $1000 every forthnight in tax. We are on a 457 visa and I am not working. Do you get to claim any of that back. Appreciate any info. Thanks Marie
  18. Guest

    Tax refunds?

    Hi everyone, I have just finished working in Karratha on a short contract and was wondering if anyone has successfully claimed any tax refunds. Left australia now and won't return this financial year. ANy help would be great?
  19. Is there a tax free allowance on your salary like there is in the UK where you have a tax free allowance of around £6k in a tax year?
  20. Guest

    UK Tax Advisor in Sydney

    Hi all - we are in Sydney but are looking to get some advice for tax situation in UK and also assist with completing the Self Assessment - anyone know or recommend someone in the area who can help with this? Cheers!!
  21. I came to OZ about 3 years ago on a working holiday visa and have since married an Australian and got my permanent residency. Now I'm settled here I thought that I would ship some of my personal effects that we didn't have room for, or the money to ship previously. I arranged a shipping company and it was all good. Now they are saying that because I haven't been out of the country for over a year (last time was a holiday to Fiji in 2010) I will get charged Duty and GST on all of my items that I'm shipping. Most of the items are of sentimental value only but there are a few bits like an old bike, stereo etc which are well over 5 years old but worth a little more. I am really just wondering if I would really have to pay GST and Duty on the goods just because it's been left so long to ship them? Is there any good resource that would have the answers I need? Any numbers I can call? I don't want to get charged loads in Duty as the goods are of little value. Any help would be gratefully received. Cheers Ross
  22. OK, so I was doing my self-assessment tonight (in the UK) and it said it can only be done if you are a UK resident. Otherwise you need "commercial software". How do HMRC contact you in Oz? I am sure I read they don't communicate by email. Can you do it yourself, or do you need an accountant? We aren't going to have a lot of spare cash for a while so would prefer to do it myself. Also, we are going on a 457 which I think I read (somewhere!) has different tax implications than for PR people. Can anyone shed any light on this please? I have been quite chilled out since we decided to go, but suddenly feel a bit overwhelmed! Thanks. x
  23. brooks

    tax query

    I am coming to Oz soon and applying for residency. Questions: a) if I put money into an Australian bank will my interest be taxed in UK and Oz till I get residency? b) I have been told that 'foreigner's' putting money into an Oz bank will be taxed at 50% - is this true? c) would it be best to put my money into a long term fixed rate account as interest rates seem to be falling? Anyone got a crystal ball? and finally: ............. with regard to the crystal ball - shall I move my money in case the £ falls further - or wait, hoping that the £ excahnge rate will get better for me!!!! sincerely, Confused
  24. Hi, I've been living in melbourne for 4 years though still have a way to go with my student loan, it's means tested so I have to pay an amount each month I have found a way to minimize any bank fees sending money to the uk by creating two Citibank accounts ! One here in Melbourne and my dad opened one in his name in the uk, (you have to be employed in the uk to do so) it's free to transfer between Citibank accounts, I hope anyone else who is in the same situation finds this helpful However, I am still paying it post tax, if I'm correct, in the UK we pay before tax, is this right? sounds pretty good really! Is there a way to pay my loan before it's taxed? That would save me heaps overall! Thanks!
  25. lauradarlin

    Working Visas

    Hi all I'm new to PIO and looking at heading to Oz on a years working visa in July/August 2012. Can anyone offer any advice on the types of things I'll need to consider? I'm hoping to be able to spend a decent amount of time in each place I stay as I've already done some travelling around on a normal holiday visa this year. I've come across conflicting info about how long you're allowed to work for each employer on this visa (3 or 6 mnths). Also, I know nothing about the Australian equivalents of things such as tax, NI, NHS, driving licences, renting property, bank accounts etc so any advice on where to get started with my research would be fab! thanks
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