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scubacam

Premium bonds

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Hi guys,

 

We have premium bonds here for our children. I don’t know a lot about them, they were a gift. Does anyone have them in aus from the uk? Do I just change our address for them and it’s that simple?

 

 

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You can keep them if you want to.  Just notify change of address.  You can also arrange for any winnings to be paid direct to a UK bank account. Better than them sending a cheque to Aus!  
As a side issue do keep a UK bank account, it can be very useful and once you are no longer resident you will not be able to open one.  Make sure it is fee free and with good on line banking, most will allow overseas addresses as long as the account was opened while you were resident in the UK.  I still have my Nationwide account and they send new cards to Aus


So many wineries ......so little time :yes:

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Posted (edited)
17 hours ago, scubacam said:

 

Hi guys,

 

We have premium bonds here for our children. I don’t know a lot about them, they were a gift. Does anyone have them in aus from the uk? Do I just change our address for them and it’s that simple?

 

 

If you are on a temporary visa they're foreign income and so exempt from tax, but if you are a permanent resident or citizen then do remember that premium bond winnings are not tax free (I know HMRC think they are but they're not the ATO so their opinion doesn't count). Children can each get up to $416 a year of investment income tax free, but after that it goes on their parents tax return.

Edited by Ken
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Chartered Accountant (England & Wales); Registered Tax Agent & Fellow of The Tax Institute (Australia)

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