hardyandy Posted January 15, 2013 Share Posted January 15, 2013 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 Link to comment Share on other sites More sharing options...
Guest Guest26012 Posted January 15, 2013 Share Posted January 15, 2013 Gosh that's complicated! There are companies in oz that will insure you, just google your state and research! Can be expensive but lots do it! Not sure about your second question? Never heard of it. Good luck though. Link to comment Share on other sites More sharing options...
MARYROSE02 Posted January 15, 2013 Share Posted January 15, 2013 I don't understand why a UK based company is paying you in GBP and you have to transfer it over if you are living in Australia but find an accountant and/or tax agent for advice and of course contact the Australian Tax Office. (They won't bite!) Life insurance? GIO, NRMA, Allianz? QBE? Link to comment Share on other sites More sharing options...
gazsmith Posted January 15, 2013 Share Posted January 15, 2013 My understanding would be if your not living in the UK you would be exempt from UK tax and ni but as Maryrose states you should contact the ATO and seek advice. Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted January 16, 2013 Share Posted January 16, 2013 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 Hi Andy Re the Life Insurance, it is possible to apply for life insurance here subject to varying forms of underwriting however not all companies will insure you as a temporary resident. If you are looking at a retail policy as opposed to group cover then it is likely that there will also be a territorial exclusion apply, this exclusion basically means that you will only be covered whilst you are in Australia. Re the tax, you should take some advice on this as different tax rulings apply to temporary residents in relation to tax in Australia., The below paragraph is taken from here http://www.ato.gov.au/individuals/content.aspx?doc=/content/76537.htm How are you affected if you are a temporary resident? If you are an Australian resident for tax purposes and meet the requirements to be a temporary resident, the temporary resident rules mean: Most of your foreign income is not taxed in Australia except income earned from employment performed overseas for short periods while you are a temporary resident. This income is subject to income tax and would still be declared in your return for the year in which you earned it. Where you paid tax in a foreign country, you may be entitled to claim a foreign income tax offset when you lodge your tax return This can be a complex area that a lot of the time there is more to it than meets the eye. Alan Collett (member of this forum) is a qualified Tax Adviser and should be able to assist in this area. Regards Andy Link to comment Share on other sites More sharing options...
Alan Collett Posted January 16, 2013 Share Posted January 16, 2013 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? => Are you on a subclass 457 sponsored visa? If so, I anticipate you should be paid via an Australian payroll, with PAYG accounted for in Australia so you can demonstrate you are being paid in accordance with the nominated salary on the 457 application. => In any event, if you are working in Australia the salary is properly taxable in Australia. You ought not be paid via a UK payroll, and PAYE/NI should not be withheld in the UK. => Please feel able to contact me by email (click on my name to the left of this post) if you would like to explore this more fully. Best regards. Link to comment Share on other sites More sharing options...
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