Selling up and moving to Oz

[Lisa Lou]

Hi all,

 

Trying to find as much info in advance as possible.

We have applied for contibutary parent visa and will be selling our house and moving to Oz 6 months before visa grant. We will be entering on the e600 tourist visa.

Should we leave the funds from our house sale in the uk until we need it or should we transfer it all to Australia.

Have no idea how the tax system works in this case.

 

Thanks in advance for any info

 

Lisa

[Quoll]

The wise advice is to wait for the visa before you do any thing irreversible. Can you rent out the house while you are tourists then once you have the visa return and sort everything out? By then you will be in a position to know what you're likely to need and when.

[Marisawright]

The wise advice is to wait for the visa before you do any thing irreversible. Can you rent out the house while you are tourists then once you have the visa return and sort everything out? By then you will be in a position to know what you're likely to need and when.

 

Maybe not a good idea to do this - one of my friends did this, and because the property took several months to sell, they ended up being hit for capital gains tax (because the property became classed as an investment property).

 

Better to sell the property before leaving the UK, and put it in the bank. Then it's just savings and there will be no tax due on transferring the money.

[ramot]

Maybe not a good idea to do this - one of my friends did this, and because the property took several months to sell, they ended up being hit for capital gains tax (because the property became classed as an investment property).

 

Better to sell the property before leaving the UK, and put it in the bank. Then it's just savings and there will be no tax due on transferring the money.

 

Think it's best to get proper financial advice about being liable for capital gains tax, as to who it applies to and when it comes into effect.

The UK rules changed last year? as regards making a profit from selling rental properties.

I am absolutely no expert, but to the best of my knowledge you will only be taxed on the increase in the price of your property from April? Last year, and if held in joint names then the amount is divided between 2, not from when first purchased.

We had to have up to date valuations on our properties before that date.

Certainly that is my understanding of the current situation, again check for the up to date rules.

 

This applies in our case, as we are on temporary long term visa living in Oz with all our income from UK.

 

I seem to remember when our son got PR, he had been renting out his UK house for several years, that there is a time limit after getting PR that allows you to sell your UK property, so not to be penalised/taxed on money received?

That's definitely worth checking the rules out about to get the facts.

[Parley]

Doesn't sound right to enter on a tourist visa with the intention of staying permanently either.

[winter1]

Also are you aware that any UK aged pension will be frozen so that you will no longer receive any annual increase from the date you arrive in Australia. Any UK private or work based pensions including NHS and Local Government Armed forces will continue to rise each year.

 

Also as per parleycross make sure you don't shoot yourself in the foot re visa entering on a visitors visa before the grant of a parent visa, Immigration dept can be a stickler.

[Quoll]

Also are you aware that any UK aged pension will be frozen so that you will no longer receive any annual increase from the date you arrive in Australia. Any UK private or work based pensions including NHS and Local Government Armed forces will continue to rise each year.

 

Also as per parleycross make sure you don't shoot yourself in the foot re visa entering on a visitors visa before the grant of a parent visa, Immigration dept can be a stickler.

 

Um, Parley isn't advising them to enter on a visitors via then stay! He's saying the opposite! No one on here would ever advise that and we are at pains to point out that is a pretty risky thing to do - however I don't think that's what the OP intends - they've already started the process and just want to take a holiday before their visa is finalised and that is perfectly legit.

 

DIBP themselves tell you not to sell up until you have the visa in your hot clammy little mitts - many a slip and all that!

[NickyNook]

- they've already started the process and just want to take a holiday before their visa is finalised and that is perfectly legit.

 

 

 

No, they don't just 'want to take a holiday'. They quite clearly stated:

 

moving to Oz 6 months before visa grant.

That most definitely is not just taking a holiday - nor is it perfectly legit.

[JEM44]

I am interested in this thread but getting a bit confused.

 

As I understand the poster has applied already for the Contributory Parent Visa,Mahican we know takes afew years to grant, and presumably is about 6 months away from being granted, assuming it is.

 

I understand the waryness of selling up, incase for some reason it is rejected, but if that's what people do to be ready to go on the dot then I guess that is a personal choice.

 

But I am getting confused about the issue (in this circumstance) of entering on a tourist visa and then just staying if it is granted. I don't see what the alternative is, unless you have to be outside of Aus when it is granted? Assuming they come as tourists and it does not get granted until their tourist visa expires, they would certainly have to leave, but as no one knows when a visa will be granted, surely lots of parents must be in a similar situation of being in Australia on holiday visiting their families when the visa is granted.

 

or am I missing something? Is the issue simply about selling up in the UK? Surely they couldn't ship household contents etc without a visa anyway so unless they sold everything they if the visa did not come through on this trip would be going home and have to stay with friends etc?