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Found 32 results

  1. Hello folks Please can you help us as we are possibly planning on selling our rental property to fund a new home in Oz and as its not our main domicile I think we may be hammered by the dreaded tax man? Does anyone know the exact figure on this? Or would it be better to hang on to the place and keep renting out for a few years.......? I hate decisions.......arrgghhhhhh Sometimes I think we should just sell the lot and go for it...... Many thanks Nom n Nat
  2. I am selling a property in the UK which used to be my home, but have been renting since being resident in Australia from January 2007. I've been advised by Australian accountants that because the property was my home, I wouldn't be subject to CGT tax in either country, however I also read elsewhere that to be exempt from UK CGT you need to be non-resident for 5 full tax years - but does this apply to properties that we lived in? Has anyone had any experience of this? Maybe I should just contact a UK tax advisor?
  3. http://news.yahoo.com/mexico-family-sues-hotel-over-alleged-peeping-002901094.html
  4. Guest

    Capital gains tax

    Hi All, I've been doing a bit of research into capital gains tax on a house purchase over here. I bought a place off the plan in November 2009. I then settled on the place in May 2011. I was wondering if capital gains tax would be calculated based on the purchase or settlement date? If anybody can clear this up for me I would really appreciate it. Thanks :biggrin:
  5. lyndalelodge

    UK Capital Gains Taxable in Oz

    I wonder if anyone can help with a fairly technical tax query: I'm likely to be leaving the UK before 6th April 2011 and possibly arriving in Australia sometime in June after touring around Europe, etc. After leaving the UK, I may decide to sell some assets and realise some capital gains and will do this before arriving in Australia. Assuming I remain non-resident in the UK for the next 5 years, then broadly speaking these gains will be non-taxable in the UK. However, if I arrive in Oz before 30th June 2011, I believe I will resident for tax purposes for 10/11 and as such, I wonder if my capital gains will then become taxable in Oz, which wouldn't be particularly clever!!:confused: Any comments and advice would be much appreciated.
  6. Hello, I will moving to OZ (SA in particular since I have their sponsorship) by the end of 2011. I believe that I can manage to arrange a capital of around 200,000 AUD (+/- 10,000 AUD) by that time. Can anyone guide me what is the best option to utilize that capital? I mean should I try to buy a house with it? or should I try to invest it in some kind of business? Which businesses are popular and can be managed with in this amount of capital? Personally I would like to invest it some where (may be a service station, a grocery shop or some small franchisee etc etc) so that even if I do not get a job instantly I do not start eating up my saving but would it be better to invest in business or buy property or may be some other use which I am not aware of. Any type of serious suggestion will be welcome.
  7. Hi, Now Im sure this subject has been done a few times but Im confused!!!! We will be renting home out probably so we can get going to Perth. My question is....when we do sell our home in the UK will we have to pay capital gains tax on it as we are no longer resident in it? And if so how much do you pay? Thanks very much for any help on this. Rache
  8. Guest

    Capital gains tax

    Hi Guys Well we finally got here!!! We arrived last thursday after completing the house sale the day before we flew! Can anyone tell me were I stand re transfering the house sale money, and will I be subject to CGT? thanks Ness
  9. Just arrived. We probably won't sell ur UK house for a few years. Capital gains on your primary residence in UK is easy to avoid (even if you let), but the Australian Tax man probably sees our capital gains in UK as fair game (fair enough really). As we bought in 1990 the paper capital gains are huge (but everything else has gone up just as much, including here in Oz), and it would a disaster to have to pay a large slice of it in tax. Any idea about the rules of the Aussie tax on capital gains on a residence abroad? Any idea how they are applied - can we still nominate our UK house as our primary residence and if so for how long? When I know the basics I will probably pay for tax advice (very cheap at the price, potentially) but I find that it is useful to get your head around a problem before the experts bamboozle you with detail and try to sell you a complicated scheme to solve a problem that you could do for free yourself. Cheers, and thanks, radbt
  10. I think one thing that shocked me when I came to Perth was the rather strange and decidedly outdated sense of fashion here, and the serious lack of good shops. Here are some of the major crimes against good taste currently being committed in WA ... Rachel :biggrin:
  11. Hi All I have read on a few threads about capital gains and am in need of some clarification. I will be going to Australia on a 457 and will be letting my house for 6 months until the spring and hopefully a better market then putting it back up for sale. as i understand on a 457 visa i will not have to pay tax on any income from the rental or the house sale if i do sell it. however my 176 visa hopefully is not that far away and this is where the clarification is needed. As i understand the income from my rental will be taxable from the date i activate my 176 visa and also i should get a base valuation of my house for capital gains reasons and if the house sells for more i pay tax on the profit, if it sells for less i can offset this from my income tax. thanks Martin
  12. Haven't posted a lot for a while but A BIG THANKS to everyone who has supported us over the past two years! (Yes two years!) We were one of the August 2007 applicants who got stuck in the Capital Investment Fraud scandal in December 2007. Most of you 175/176's won't even know what we're talking about! Anyway, after being "on hold" since Dec 07, we finally got our visa -first last Wednesday (but a clerical error on the validation date took away any sense of excitement - leaving only panic) but now officially re-issued today with a November entry. We will be arriving exactly 1 year after we thought - we've lost thousands on our house and certainly won't be mortgage free - BUT we are ready for another adventure - (we come from a cross-cultural marriage and look forward to notching up another country on to the family tree!) Now - the fun starts....You would have thought with two years to sort everything out we would have (HAAA!) Bank holiday car boot - here we come!:jiggy: Liz, Andrew, Charis 12, Josiah 10 and Daniel 5
  13. OilDigger

    Protecting your capital ?

    I see a few threads about the best banks in Aus recently and it's got me thinking about ptotection of your capital ie. the £50,000 protection set up by the FSA and government for UK accounts. Does anything similar exit in the Aus banks or is it covered by other legislation or nothing at all ie your savings are at risk if the bank goes belly up?
  14. Hi to all... i was reading different posts and noticed that some people say they emigrated with less than £5000 and other people have said they have been refused visas due to not enough funds in the bank ??? can any one help ?? we will be moving over with our savings we don't own our house we have 3 children and we know that we have to be able to pay our own way we will only be coming over when OH has a job to come to ?:skeptical:
  15. Hi i have read so many different posts on here... some people say they have moved over with less than £5000 and some people saying they have been refused visas because of not enough funds in the bank ???? can any one clarify we don't own our home and will be coming over with our savings.... but wont be coming over without a job ...:unsure:
  16. Guest

    capital gains tax

    Hi can any1 help me I am hoping to move to australia mid next year. I currently own a house in Ireland and plan to keep it rented for the mean time just in case I ever decide to move back home. does any1 know if I sell the house while im living in australia will I have to pay capital gains tax. is any1 eles in the same boat I am going on the 175 skilled visa thanks julie
  17. Hello everyone! I am pleased to advise that the Australian Capital Territory (ACT) has revised the jobs it will sponsor on its Skilled Sponsored (176) visa. This visa gives PR which is great news! Please see the link here for more information... Business and Industry Development - ACT Skills in Demand List (updated October 2008) In a nutshell, there are now dozens of jobs that are rarely offered on a PR visa. These jobs include: Community workers Editors, journalists and illustrators Business professionals with frontline mgt or government experience Graphic designers Personnel consultants Public relations officers Secondary teachers (with maths, science, IT, Latin or commerce experience) Pre-primary teachers Urban planners Librarians Environmental Officers Program or Project Administrators Management consultants OHS officers Drug and Alcohol counsellors Computing Support Technicians Hotel Managers Office Managers Property Managers Youth Workers Parole Officers This may open up doors to you that were otherwise firmly slammed! On the link above, you will see that the ACT has stated there is a quota for many of the jobs, so they will not be on the list forever. I am happy to provide advice (details in signature). Cheers. Maryanne Gruar
  18. Hi All I’ve just been reading the last 30 pages of the big BE thread on the Capital Investment Scheme. I refer in particular to Post # 1660 on Page 111 of the thread – the FAQs extract. For what it is worth, I have the following comments: It was the prerogative of State and Territory Governments to particpate in or withdraw from the scheme, and the Commonwealth has no power to compel States or Territories to continue in the scheme. Whether the State or Territory Government authorities actually issue a security is, and always was, a matter for them to determine. If so, was it lawful for the Commonwealth to get involved with a scheme over which it now says it has never had any control? Why did the DIAC website contain no warning to visa applicants that the Commonwealth was apparently relying on nothing more than a wing and a prayer? Wasn't it irresponsible of the Comonwealth to offer this wheeze to visa applicants without tying the State Treasuries into it legally first? Applicants for any visa must meet the requirements specified in the Migration Act 1958 and the Migration Regulations 1994. The applicants have done so. The requirements included lodgement of the $100K. Their intention to pay it was frustrated by the actions of others, not by the applicants’ failure to meet the requirements specified. So does the Commonwealth actually have any valid point to make with the statement above or is it just waffling about nothing? So, those GSM applicants who had deposited a capital investment before the scheme closed received the bonus five (5) points. Those who were unable to lodge their capital investment are now unable to receive the 5 bonus points. I have seen DIAC process and grant two GSM applications within 48 hours of submission during the last two months. The legislation does not envisage that the Minister will drag his feet over the processing times for applications, nor does it authorise him to do so. The only reason why the applicants were “unable” to lodge their bonds before the State Treasuries ditched the scheme was because the scheme closed on to new applicants on 31st August but by 3rd December the Minister’s own inefficiency about processing applications lodged on or before 31st August meant that some 3000-5000 applications had not been sufficiently processed by a date some 3 months later. Why not? Why can’t I just put the money in Commonwealth bonds or a bank? The Instrument in the Regulations specifies that the capital investment must be deposited in one of the participating Australian State or Territory government authorities. The Regulations do not permit a deposit in Commonwealth bonds. So change the Regulations with retrospective effect. Doing so would not disadvantage a single visa applicant but the Minister’s current dithering around does. The department is currently considering a number of options within the limits of the legislative framework which applies to the pre 1 September 2007 visa applications. Pressure from the High Court would encourage celerity of thought. Decisions on those applications dependent upon receiving bonus points for making a capital investment, will not be made until all available options have been fully explored. The Court can make the decisions on behalf of the Government, I expect. The Court does not find it necessary to deliberate for ever and a day in a state of complete mystification about how the relevant Law works and what the limitations on the Minister’s powers might be. Which section of the legislation empowers the Minister to dither indefinitely? How long will it take? We are unable to give a definite time frame regarding the outcome of our investigations. There are complex legal and policy issues associated with any possible options which are still being worked through. An announcement will be made when these issues are resolved. I suspect that this stance is not lawful. The Court has been known to excise provisions in the legislation which operate unfairly and/or unlawfully. It can probably find the power to do so again in this situation since the Government seems unable to resolve its dilemmas without assistance from the senior judiciary. If a provision cannot work - and the Minister claims that it no longer can - then the best solution is to get rid of it instead of worrying about what it says. Applicants are advised when they apply for a visa that there is no guarantee of a visa being granted. That advice is predicated on the notion that the applicant might make a mistake or might be unable to comply with the legislation. In this case, the Law-makers are the ones who find themselves unable to comply with their own legislation, it seems. The advice above does not envisage or cater for the facts which have actually arisen. This clutching at feeble straws makes the Minister look like an incompetent idiot and his Government risible with it. The Bench would be able to assist the Minister, I suspect. Why has the Minister not sought help and guidance from his own Court – the finest legal brains in Australia? Applicants who have applied for a Class BN intending to meet the criteria for the Skilled – Independent (subclass 136) visa can seek state/territory nomination in support of their application – to be assessed against the criteria for a Subclass 137 visa. Applicants should check each State and Territory nomination website to determine whether their occupation is on one of the State and Territory lists. See: Nomination by State/Territory Government. Wasn’t the bonus points scheme supposed to be an alternative to the above proposition? If so, why is the Minister trying to avoid dealing with the issue that is actually at stake here – his own inability to award the extra points because his intentions were frustrated by third parties? And which State lists should the applicants be considering? The current ones, or the ones that were in effect at the relevant times? Some of them have been altered since 31st August 2007, I believe. The Minister cannot have this one both ways! If applicants have not already claimed the maximum for English language points available under Schedule 6A, ‘competent English’, they may undertake an International English Language Test Scheme (IELTS) test. To achieve ‘competent’ English, an applicant must score at least six on each of the four components. Applicants who can demonstrate this level of English language proficiency will achieve 20 points on the GSM points test. Were native English-speaking applicants able to do this under the old scheme? Applicants can also withdraw their current application and reapply under the new GSM visa stream and be assessed against the post 1 September 2007 requirements. Why should they? They were and remain able to comply with the relevant requirements. The applicants are not the ones with the problem. The Minister is the one with the problem, so why should the applicants give him a get out of jail free card? However, please note that withdrawal of your application will result in the loss of your visa application charge (VAC) paid to lodge your current application, and a new VAC will need to be paid to lodge a new application. Not if the Court declares this avaricious notion unlawful, buddy. The department is concerned that there has been considerable speculation by some migration agents and others regarding the resolution of this issue. Intervention by the Court would resolve any speculation. When a decision is made, an update will be provided on the ‘What’s New? Recent Changes in General Skilled Migration’ page. Or in the case law database in AustLII, of course….. AustLII - AustLII: Advanced Search
  19. Hello I am a new member on this forum, I applied for 136 visa (Skilled Independent Class) last July. The Capital Investment Bond was annulled because of the system was abused by some Indian nationals. I am not on MODL, and I have no avenue to get the additional 5 points to get the pass 120 for the pass mark. The the Capital Investment Bond is my only solution. Are there any member on this forum who are in the same position as me? if yes, did you get Case Officer assigned or have you heard some news from DIAC? Thanks for your replies.
  20. Hi All, Can someone clarify if an UK estate agents valuation is sufficient for the ATO to calculate the cost base. Raj
  21. Guest

    Capital Investement Bond

    I'm new to this forum, greetings all, and I was hoping to find some kindred who may be affected by the removal of the Capital Bond Investment in Nov of last year. There is a petition that has been set up and needs loads of signatures. Direct contact with DIAC and Snt. Evans office has provided very little, and attempts to contact the press are being ignored. Please add your name to this. At least 4000 of us are in limbo with no sight of our visas being granted. Petition is at: Permanent Resident Visa- Investment Bond withdrawn. Innocents left in Limbo! - Online Petition Thanks, and could you spread the word to all you know about this
  22. Hi all, I am hoping some of you who have already escaped from UK can help me. I am trying to find out how Capital Gains Tax works and how much we may have to pay when we sell our house here in UK. May we not have to pay CGT if we are to buy another house even if it is in Australia? Thanks Monica
  23. Hi, does anyone know what is happening with getting 5 points for capital investment that has just been stopped? We put in our application a year and a half ago and was 5 points short so we made it up by agreeing that we would invest some money into an Australian bank for one year. We have been told by our consultant just before Christmas, due to some fraudlent cases they are stopping this, therefore we are now 5 points short again. Our consultant has told us to holdfire and wait and see if the Australian government will change anything as there must be quite a lot of people in the same situation as us, it just seems a bit unfair to change the goal posts after our application has gone in, not to mention the time and the money we have spent. :arghh: As anyone any thoughts on this, or knows anymore? Thanks, Tracey
  24. jo90

    capital investment limbo???

    Hi Everyone! Just wondering what decisions people are making if their 136 app has been frozen due to the withdrawal of capital investments. Are you waiting for a decision? Or are you re applying for 175 visa?? Yours impatiently... Jo x x :cute:
  25. Guest

    Capital Investment Scheme

    Our application was, it seems, this far from being approved when *this* happened: Capital Investment Scheme for pre-1 September GSM visa applications Prior to 1 September 2007 GSM visa applicants could earn 5 bonus points if they deposited at least $100,000 in a designated security for a term of not less than 12 months. The NSW, Queensland and NT Treasury Corporations and the SA Government Financing Authority had been State and Territory authorities participating in these arrangements (the Western Australia Government withdrew from 1 July 2007). Each of the participating States and Territories have notified the department of their withdrawal of support for the use of treasury bonds for this purpose. This means that no State or Territory will issue a security in which an investment is a ‘designated security’. There is no compulsion on States or Territories to participate in the scheme. Whether the State or Territory government authorities actually issue a security is ultimately a matter for them to determine. The new visa arrangements for the GSM Programme introduced from 1 September 2007 did not include the provisions for the lodgement of designated securities. The closure of the arrangements will only affect visa applications lodged before 1 September 2007. (Source: What's new? – Professionals and other Skilled Migrants – Workers – Visas & Immigration) We have been told by our agent that ours is one of 4500 applications currently shelved 'indefinately' until this is resolved. However the immi website doesn't mention anything about things being resolved, only that all states have withdrawn from the scheme. We wonder just what is actually happening with regard to the scheme and, more importantly, our application. Is anyone else affected by this? If so, have you been told anything of use? We have been adviced to consider re-applying in order to speed things along which is a pain, as the GSM criteria under which we applied last April have changed, so a re-application has to be done from scratch; skills assessment and all. Thanks.