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  1. 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.
  2. I'm 50 years old and going back to the UK to live permanently. I have superannuation and understand that I can't touch it until it matures when I'm 59. I've been told to wait until I'm 60 so it will be tax free. Not sure if that will still be the case when I am a UK resident - can anyone clarify? What happens when it does mature? Do I cash it in and take the lump sum or use it to generate an income from Oz? I also have a portfolio of shares. I understand that it will be better to sell them before I go and bank the money. My question is WHEN is the best time to do this? I will finish work in January 2015. I hope to sell my house in December/January and also bank that money, so potentially there could be quite a lot of interest to be earned. I am employed in the Education system and I have the option of either going on unpaid leave and/or taking my long service leave. I was thinking of taking unpaid leave from January to April, Long Service Leave (at half pay) from April to September, and unpaid leave from September to December. I can either take the long service leave in fortnightly payments or in one or two lump sums (split across two tax years). Not sure what option to take. I hope to have a few months off and maybe do some contract/relief work in the UK. When do I cease being an Australian resident and become a UK resident for taxation purposes? Lastly, National Insurance - I worked for a few years before coming to Oz. I understand that the reciprocal agreement is no more, however am I able to claim credits for the period I was working in Australia up until 2002? If so, what evidence do I need to show them or is it as simple as giving them my TFN? I would really love some advice on this. It was all so simple when I came here many years ago with a backpack and a bit of cash!! Now it all seems rather complicated...!
  3. Guest


    Hi, if i pay tax on my rented house in the uk, through the uk tax system, also my uk pension, am i liable to pay it again on the Australian tax system. I am going on parental 143 visa. Had a company ring me to sell me advice, on the double tax system.Help
  4. Parley

    Taxation - UK vs AUS

    Which country is the highest taxing ? eg: Income Tax Car Registration TV Licenses etc Council Rates
  5. MissionAussiePR

    Taxation on Super

    Hello, How much tax one has to pay if he wants to retrieve the tax on 457 visa. I ready this "From 1 April 2009, there are new withholding tax rates for these payments. If the application was made on or after 1 April 2009, the new withholding tax rates apply. These rates are: 0% for the tax-free component 35% for a taxed element of a taxable component 45% for an untaxed element of a taxable component." Ref: http://www.ato.gov.au/super/content.asp?doc=/Content/32703.htm&page=8&H8 But couldn't able to understand under which category I will fall.
  6. Guest

    Taxation Documents Requested

    Hi, I am 175/Online applicant. I have received a request which says: Evidence of employment Please provide evidence of employment in a skilled profession for a total of at least 12 months over the last 24 months (prior to your lodgement date of ** *** 200*). The evidence you provide must cover the entire period. Include as much of the following evidence as possible: a) Bank statements showing payment of salaries into personal bank accounts b) Taxation Documents I can get the salary slips and the bank statement as well. But dont have the Tax docs. My company deposit a lump sum amount to the tax department and the tax department just for no reason is willing to sign or provide any such statement. Now my question is, if i dont send tax docs then is it going the affect my case?? I have already sent salary slips, bank statement, promotion letters, increment letters. any suggestion or comment???
  7. When you become a resident of Australia, income such as rental income from foreign properties, dividends paid by foreign companies and distribution entitlements from foreign mutual funds / pension planswill be taxable in Australia. Australian tax rules generally require you to include that foreign income in your tax return expressed in Australian dollars. The exchange rate depends upon what happens to the income. If the income is paid back to Australia, you use the tax rate at the date of receipt. If the income is held overseas eg. in a foreign bank account, the exchange rate is the rate at the end of the year. Another issue to watch out for is that foreign countries (Uk included) may impose some tax on the income that you have earned from an investment in their country. This means that you will not receive the full amount of your investment income(you can submit a form to your bank to stop this). The Australian tax rules require you to include in you tax return the full entitlement to income before any foreign tax has been deducted. The foreign tax paid can be used as a credit against Australian tax payable on that foreign income (ie to prevent double taxation occurring). You may have expenses associated with your foreign investment income. These can be claimed as tax deductions against your foreign income. There is a limit to how much of these expenses you can claim in any year. The deduction in any one year is limited to the amount of the foreign income that you receive. If your expenses exceed your foreign income, you can not claim them in that particular year. You need to carry them forward to claim against foreign income in future years. Foreign investment fund rules There is one particular tax issue which causes concern for many immigrants coming to Australia. This is the application of the foreign investment fund (FIF) rules. These rules were introduced by the Government as a means to stop people deferring the payment of Australian tax on investments in foreign/UK companies, foreign/UK trusts (including mutual funds, pensions) and investment policies issued by UK/foreign life companies. The rules are stringent. They may require you to bring to account the increase in the market value of your UK held assets from year to year. You will be taxable on the increase in the value of the assets which means you could be paying Australian tax on unrealised foreign capital gains. YES YOU PAY TAX EVENN IF YOU HAVE NOPT CASHED IN THE INVESTMENT! Example: Managed Fund grows by GBP1,000 in the last year after fees and charges. You are earning $40,000 in OZ. You need to add the GBP1,000 at the applicable exchange rate so $2130 to your taxable income (puts you in the 31.5% Marginal tax bracket). So you pay an additonal $670.95 in tax which has to come from your earnings as you have not cashed in your UK investment! A number of exceptions do apply for shares held in listed foreign companies. However, not every listed foreign company is eligible for exemption. It is always wise to check with your Australian advisors as to whether investments you hold will be subject to the FIF rules. Please note that the FIF rules do not apply to foreign real estate investments or foreign bank accounts (you must report the income annually on these). Hope this is helpful Always seek personal advice on your situation. Liam
  8. Hi there. Can anyone please advise what the position is regarding taxation on both uk derived income and Australian derived income for temporary residents on a 4 year visa 410 ? The name of any tax agent who is familiar with both UK & Australian tax matters would be useful. I have just been to a branch of a well known tax agent, and they don't seem to have a clue, but will contact head office,and it will take 2/3 weeks !! Thanks to anyone who can help. Tony
  9. Hi Is there anyone who has any knowledge on the best way to 'avoid' huge Tax Biils? We have sent over a sum of money that we were going t invest in Property to Rent out. We can still do this as the Rental Market looks good at the moment, but we were only looking at a short term investment (3-4 years). Ideally, we wanted to them sell the properties and buy our own house to live in - out right. The problem I can see is that the rental market is very good because people are finding it difficult to geton the property ladder there - who will buy the houses/apartments?? We do not want to keep the money in the Bank as we will be paying approx 47% on the interest earned in Tax. We have already been 'stung' with a hefty Tax witholding fee from our Aussie Bank Account. We have reclaimed some of that back by being non residents, but I know as soon as we get there, this will change. If the money is invested in Property, then that's a loop hole that we can avoid so much to be paid. I'm sort of starting to confuse myself now with this - is there anyone who has any knowledge on this - simplified of course! lol We rented property here and I knew the laws and regs inside out - very simple! Unfortunately, things are very different in Australia and I think it's more a fear of the unknown. Any advice would be appreciated Angie
  10. Guest

    Local taxation

    Hi, Can anybody tell me, is there any form of rates / council tax / local tax in Oz ? Gary
  11. Don't know if there are any other Uk military 'types' currently in the same position as me (i.e. looking to bail out and head down to Oz), or even any ex military now living in Oz, who may have got further than me in getting an answer to this - if you've qualified for your military pension...... a). Will your lump sum get taxed when you take it across to Oz? and, b). Do you get a 'double-whammy' tax on your monthly payments (i.e. taxed in UK & Oz) and then have to claim it back in your annual Oz tax return? I have looked on the Oz Income Tax website, and while I think the answer to (b) is that you can claim it back, I haven't a clue as to the answer to (a), and neither did the Oz Tax Office official I spoke to on the phone a few weeks back! Any info would be much appreciated![/i]