Guest robbogang33 Posted March 4, 2008 Share Posted March 4, 2008 Hi I am moving to OZ in April and was wondering on people's views ref investing money in OZ or UK. I have about 50K that I will have to invest and not too sure as to whether to save in UK or OZ in order to avoid being hit by Tax. I utilise ISA allowances for me and family in UK but appears that you get well stung for tax in OZ Accounts. Perhaps an offshore account or leave in UK and claim tax exemption as non dom ?? Grateful for anyones experience/advice. Thanks steve Link to comment Share on other sites More sharing options...
Guest adey Posted March 4, 2008 Share Posted March 4, 2008 Aussie banks are giving higher interest rates on savings account than UK banks at the moment. You need a Tax File Number in Oz to avoid higher rate tax - there are some threads in the last week relating to this. Once you have your TFN you can claim back your tax but if you arrive after year end then you will have to wait until the following end of tax year (June down here). The first year you are here you will be taxed for earnings in both Australia and the UK but not sure what happens after that first financial year. I'd assume if you are making a money in either country the tax man will happily take their share - meanies!!!!! Link to comment Share on other sites More sharing options...
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