Junior ISA emigrating to Oz

[nish123]

Hi

 

My 2.5 year old son has approx £1.7k in a Junior ISA. In a few months we will be going over on a 457 visa (becoming permanently resident in Oz for tax purposes) and I understand that we can't withdraw from it, but also from then we will be limited with what we can do with those funds. I also gather that investments in a child's name can be taxed very punitively in Oz!

 

Are there any things we should do with the JISA before we move out to prepare things - also can anyone recommend a tax planner in Oz (we will live in Brisbane but happy to do business remotely) with expertise in UK investments for this sort of situation?

[Andrew from Vista Financial]

Hi

 

Generally in most situations temporary residents do not have to declare worldwide income only Australian sourced income, therefore this may not be an issue for you https://www.ato.gov.au/Individuals/International-tax-for-individuals/In-detail/Foreign-income-of-Australian-residents/Foreign-income-exemption-for-temporary-residents---introduction/

 

 

Regards

 

Andy

[nish123]

Hi

 

Generally in most situations temporary residents do not have to declare worldwide income only Australian sourced income, therefore this may not be an issue for you https://www.ato.gov.au/Individuals/International-tax-for-individuals/In-detail/Foreign-income-of-Australian-residents/Foreign-income-exemption-for-temporary-residents---introduction/

 

 

Regards

 

Andy

 

Thankyou that's useful to know and gives us some breathing space. However the plan is to get permanent residency ASAP after arriving possibly in the firsf year so it will be an issue eventually.