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Herbster

FINANCIAL COSTS INVOLVED IN GOING BACK What could we miss?

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We know about the $$$ airfares, removalists, pet relocation - but what about the HIDDEN LIABILITIES - TAXES? You sell your home - will there be anything left for you? You pay in to Super? Is any of it yours! I'm sure it's all there on the official sites, but I'd like to hear it from the folks who've been there, done that & survived (or who learnt the hard way) :frown: Just wonder how long you have to work before the move becomes affordable & viable? Thank you :notworthy:

Edited by Herbster

HERBSTER X

in Tasmania where the Wild Things are..

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Following...


And the end of all our exploring will be to arrive at where we started, and know the place for the first time.

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I'm not sure if there are state differences but in WA there are no taxes to pay when selling a house (assuming it is your home), although the real estate agent fees are steep compared to the UK - around 3% in Perth plus advertising costs etc.

 

The chances are you will actually get a tax rebate, depending when you work up until, when you leave etc. I don't know if you can submit it ahead of the tax year end - we've actually not long done ours for the 2013 year end (I know, I know!) and got back over $6k between the two of us - a nice little bonus :)

 

'Hidden' costs I can think of are shipping insurance (don't take the one offered by the removalists, you can get it a lot cheaper through a marine broker), temporary accommodation costs from selling your house to flying home, temporary accommodation costs in the UK, rental deposits/rent in advance in the UK (possibly up to 6 months) assuming you don't have a house to go back to, car hire costs at both ends between selling and buying cars, living expenses from when you leave work in Australia to starting work in the UK (not a hidden cost exactly but you need to have money to cover it), you may need to pay out the remainder of a mobile phone contract (get your phones unlocked if you need to before you leave so you don't have to buy need ones).

 

On arrival in the UK there are some upfront costs you might have to pay for example car insurance, home contents insurance, TV licence - of course you have similar costs in Australia but money seemed to go through our fingers like water in the first month or so. You can pay some things monthly but that depends on passing credit checks usually.

 

If you sell furniture etc. rather than shipping in then some stuff will need replacing - we seemed to live at Ikea for a while!

 

I did start a thread, which is a sticky in the MBTTUK group on ways to saving money when moving back. One of the things we did (& I'm not sure if it is on there) is stay in Australia after our container was shipped, we had to rent furnished accommodation but I was then able to work which paid for it, had we moved straight back we'd have been in temporary accommodation here but without work.

 

If anything else comes to mind I'll come back and add it.

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Ooh forgot to mention Super, if you were on a temporary visa you can get it back otherwise I'm afraid it's there until you retire.

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I'm not sure if there are state differences but in WA there are no taxes to pay when selling a house (assuming it is your home), although the real estate agent fees are steep compared to the UK - around 3% in Perth plus advertising costs etc.

 

T... One of the things we did (& I'm not sure if it is on there) is stay in Australia after our container was shipped, we had to rent furnished accommodation but I was then able to work which paid for it, had we moved straight back we'd have been in temporary accommodation here but without work.

 

If anything else comes to mind I'll come back and add it.

 

 

This is very helpful, thank you - I suddenly had a horrible thought that perhaps as one is selling & not re-buying in Australia that could be considered taxable income & taxed (like a Capital Gain, I s'pose...) Would you say - either 'cos you know or have since learnt, when would be the optimum time (financially) to leave (all things considered -we don't have to worry about kids in school & probably won't be shipping the 'house' back as we did here.)

 

Another major concern, bit off topic, I suppose (being I'm not so bright these days so have to plan my time well in advance to achieve much :( ) is trying to tie in the logistics of the dogs - when you've got a house to sell? (See there is a tenuous link!) Being positive it could go within a few months, if presented well & priced attractively, but if our perfect Buyer is not around it could take 2-YEARS to sell. How, besides hiring a clairvoyant do you know when the best time will be for them to get their rabies shots, etc.?? I guess when we get an offer we can't refuse - but is that enough TIME?!! I looked into JetPets a while ago & they seem reliable & am thinking I'd buy their crates ahead of time so pooches were used to them and they are NOT cheap - another hidden cost?

 

I shall check out your previous thread, Lady Raincorn - and when you returned to the UK, were there lots of obnoxious (Officious Immigration) forms to fill in, or just the usual associated with a move? Course it's always a hassle starting up utility accounts more or less from scratch, I don't know how far their records go back...I suppose I'm wondering if it was easier to move back than the original move out here???

You may be able to tell I'm still vacillating between thinking we have a great mortgage here, we'll never get another like this & the longer we stick with it the more we save off interest so the quicker we build up equity & the more $$ we'll have to buy in UK - as opposed to; we're not getting younger, happier or more content staying here, families getting older & not so good health, etc., - the job situation could get rocky although I s'pose it would be worth considering taking anything should the Proper Job go, until the house was sold & move gets under way... Pondering:- is it better to get the house market ready & move as soon as able, or to hang on in here, (as we've only had mortgage 6-yrs, which doesn't seem like much considering) so we can have a better house deposit???... Just not sure how much more hanging around we can take?!!

 

How long were you here & how do you feel now? Hope you are well settled - Scotland, is of course gorgeous, but quite an extreme for WA, I'd guess? :) Thanks for the pragmatic advice, it all helps :)


HERBSTER X

in Tasmania where the Wild Things are..

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Ooh forgot to mention Super, if you were on a temporary visa you can get it back otherwise I'm afraid it's there until you retire.

Oh... OK :confused:So it's not transferable??? But please tell me it's SAFE?

When I stopped working the little Super I'd acquired was quickly eaten up in admin charges, I couldn't believe it! I can imagine people who have invested years (but well, less than say 1/2 their working life) into a Super fund being pretty miffed off if all that ENFORCED SAVING was actually lost because the Super fund still has to manage your investment... I mean, can that be right?? Please tell me, that workers who are forced to save for their dotage will not loose it all, should something happen to stop their contributions - like relocation? I must admit I thought it a scam, as I would have much prefered to have banked it, or put it against the mortgage, rather than have GIVEN it to a Super Fund, never to be seen again... :cry:


HERBSTER X

in Tasmania where the Wild Things are..

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