confusedbytax Posted June 18, 2017 Share Posted June 18, 2017 (edited) Hi all, Please bear with me.... the current situation.... British on 457 sponsorship visa Been in Australia 18 months Paid 120k year salary which I have paid tax and super on. I have a ABN/LTD Australian company with about 1m$ in the bank. I have taken $0 income from the company and paid all tax required. Due to recent changes in the visa sponsorship, I, unfortunately, will need to return to the UK. I understand I can claim back my super / tax which is great. However, I am not sure on my situation of the $1m I have taken no income from. What happens if I was to transfer the whole amount to the UK? I need to close down my Australian company too. Any thoughts or advice? Thanks Edited June 18, 2017 by confusedbytax Quote Link to comment Share on other sites More sharing options...
rammygirl Posted June 18, 2017 Share Posted June 18, 2017 You need to speak to a professional accountant/ tax advisor that understands both UK and Aus tax. Alan Collett who posts on here may be able to help google GM tax. 1 Quote Link to comment Share on other sites More sharing options...
Collie Posted June 18, 2017 Share Posted June 18, 2017 Ok you need to separate the personal and the company stuff. There will be a link depending on how the company stuff get's treated. Given the amount involved in the company, it is worth getting professional advice. Also super is a separate issue. So was the $120k paid to your company or to you personally as a an employee? You can only claim back overpaid tax. If it is the later, your employer would have deducted tax at source. You will receive a Group Cert at the end of the year (30June), probably in July sometime. You will complete a tax return with all your income and deductions for TY17 and you may receive a refund you may owe them money or it may be square. You have until 31/10 to do this. Super - as a temporary resident leaving permanently you can claim back your super. They do deduct tax from it though and I believe that this is due to go up significantly from 1 July (you can google the rates but from something like 35% to a punative 65%). Depending on the amount it may be worth leaving this in Australia to accumulate over the years rather than forking a majority over to Mr Turnbull. Given the changes are imminent on this, youmay want to get a move on) The company is more complex and I believe worthy of professional advice. You could pay yourself a dividend (or a couple over different tax years - this will impact your personal tax return) or you could do a return of capital. $1m is a lot of money, worth spending a few hundred or $k with a tax specialist to work out the best way to distribute the equity in the company. 1 Quote Link to comment Share on other sites More sharing options...
Collie Posted June 18, 2017 Share Posted June 18, 2017 Worth getting advice sooner rather than later as you may want to take some actions prior to 30/06 to minimise tax 1 Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted June 18, 2017 Share Posted June 18, 2017 Yes, strategic planning is required here. Please feel able to contact me via the GM Tax website, or send a PM/email to me (click on my name to the left of this post). Best regards. 2 Quote Link to comment Share on other sites More sharing options...
confusedbytax Posted June 18, 2017 Author Share Posted June 18, 2017 Hi Alan, Already dropped you an email to your gmtax address. Great forum here! Thanks Carl 1 Quote Link to comment Share on other sites More sharing options...
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