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Found 648 results

  1. 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.
  2. 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!
  3. 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.
  4. 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
  5. 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?
  6. 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
  7. 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.
  8. 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
  9. 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?
  10. The Courier Mail is reporting that the Australian Tax Office (ATO) will be analyzing the records of up to twenty million migrants (past and present) to ensure they are not ripping off Australians and are paying their fare share of tax. The financial and personal details of visa holders who have come and gone from Australia will be audited over the next three years to enforce income tax and superannuation requirements. The massive blowtorch, which includes migration agents who help get migrants to Australia, also aims to identify potential fraudsters rorting foreign investment rules. While the ATO has put migrants in the crosshairs previously, it has not been at this mammoth scale. It comes as the ATO is launching a targeted and well-resourced crackdown on the black economy, which benefits some workers but duds Australia of revenue. The latest information sweep is extensive and will include the address history visa applicants and their sponsors; all their arrivals and departures in Australia and details of their education provider if they are on a student visa. A spokeswoman for Revenue Minister Kelly O’Dwyer said the operation could recoup cash for the taxpayer and ensure eligible migrants receives their superannuation before they left the country. “The ATO has a responsibility to protect the public revenue and to maintain community confidence in the integrity of the tax system,’’ she said. “The data-matching program does this by detecting, dealing with and deterring those that are not meeting their obligations. “It also enables enforcement activity and recovery of taxation revenue – without undertaking this data matching program and subsequent compliance activity there are no assurances that a wider risk to revenue does not exist. “The data also supports the ATO to administer aspects of Australia’s foreign investment laws and reunite seasonal workers with their superannuation entitlements under the Labour Mobility Assistance Program.” The ATO said, “It is estimated that records of 20 million individuals will be obtained over the course of the three year period. “These records will be electronically matched with ATO data holdings to identify noncompliance with obligations under taxation and superannuation laws. “The objectives of this data matching program are to maintain currency of our knowledge of taxation and superannuation risks within the visa holders, visa sponsors and migration agents populations (and) test the accuracy and strengths of our existing risk detection models ... and identify areas for improvement in our models, treatment systems and practices.” Source: https://aumigforu.ms/2D1sKkm
  11. 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. Thanks Richard
  12. 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
  13. 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
  14. 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.
  15. 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
  16. 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?
  17. 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
  18. 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
  19. 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
  20. 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
  21. 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)
  22. 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
  23. 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
  24. 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!
  25. 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
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