Guest pottsy Posted January 10, 2008 Share Posted January 10, 2008 hi, i have only just joined this wonderful website and am looking for anyone who knows anything about moving endownments from england to oz on a 457 visa??We have a good one that i would like to bring when we eventually get there!Any info would be very much appreciated!:nah: Link to comment Share on other sites More sharing options...
ali Posted January 10, 2008 Share Posted January 10, 2008 We cashed our policy and put it into our 'migration fund' which we then transfered to aus. Ali Link to comment Share on other sites More sharing options...
Guest Liam Posted January 13, 2008 Share Posted January 13, 2008 Your first step should be to get a payout estimate from your Endowment Product provider to see what penalities, fees etc you would be up for. always ask for a contact name, email address and number for someone in the "payout, termination, withdrawal" department and explain that you will be contacting them from overseas so need a point of contact. You will then need to assess your own needs and future requirements to see if you need to access the funds now or would like to continue investing them. If you leave them invested in the UK then you are adding the additional factor of Exchange rate risk. You may also need to pay tax annually on the growth of the investment despite no having access to the funds themselves. Best option is to get a payout estimate and then get some specific personal advice once you are over here and sure you will settle in Australia. Hope this helps Liam Link to comment Share on other sites More sharing options...
Guest BullcreekBob Posted January 14, 2008 Share Posted January 14, 2008 You may also need to pay tax annually on the growth of the investment despite no having access to the funds themselves. G'day This may not be case. As the pottsy's are only coming on a temporary visa, I don't think they need to declare UK income to the tax man here.' If I were them, I would be very, VERY reluctant to cash-in any UK investments until they have decided/found out if they want to, or indeed can stay in Aust on a more permanent basis. Link to comment Share on other sites More sharing options...
Guest Liam Posted January 14, 2008 Share Posted January 14, 2008 Bob is right in that you do not need to declare UK investment and dividend income or interest to the tax man here while on the 457 visa. If and once you do get a permanent visa (once your here you may wonder why you waited so loong to make the move!) you will have to declare your worldwide income but get tax credits for any tax paid in the UK. Also as I said earlier look at your personal circumstances and future needs and objectives and I agree with Bullcreek Bob , do not move money hastily to here if you are not sure you can or want to stay here. Always get a few quotes for work in transferring funds as it is not as difficult as often made out to be. Liam Link to comment Share on other sites More sharing options...
Guest pottsy Posted January 14, 2008 Share Posted January 14, 2008 :arghh:Ouro G'day This may not be case. As the pottsy's are only coming on a temporary visa, I don't think they need to declare UK income to the tax man here.' If I were them, I would be very, VERY reluctant to cash-in any UK investments until they have decided/found out if they want to, or indeed can stay in Aust on a more permanent basis. Link to comment Share on other sites More sharing options...
Guest pottsy Posted January 14, 2008 Share Posted January 14, 2008 Thank you so much for your advice.We are very reluctant to cash it in so really appreciated your words of wisdom.Our intention is to apply for pr,but would hate to feel we had to make any hasty investement decisions.Thank you again. Regards pottsy Link to comment Share on other sites More sharing options...
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