Living in Surfers Paradise is like going on holiday and never having to leave!!?

[MARYROSE02]

On 06/11/2020 at 10:06, Toots said:

Here is the wee ferry.  It takes about 5 mins and a few people who live in east Devonport and don't want to drive use it most days to get to work in town.

 

Just a "tiddler" though it reminds me slightly of the Hythe Ferry which goes to Southampton Town Quay from the end of a long pier off Hythe. There is a hundred year old railway on the pier too.

[MARYROSE02]

2 hours ago, Paul1Perth said:

I felt like that about Benidorm when I went with mates in the 70's. I don't think any of us would have gone back to the UK if someone had said would you like to stay here. Problem was we all had jobs we had to get back to.

We still feel the same about Perth, or at least where we live. Like you, been down the beach for a surf ski paddle and swim at 7:00am, coffee with friends, mates 70th birthday so he got the coffees in. What could be nicer. Summer just round the corner too, only going to get better.

We could have been in Benidorm at the same time - June, 1973, I had one shameful holiday, i.e. FAR too much  drink. "I was only nineteen." I guess a lot of those people who stayed on in Benidorm to "live the dream" were working illegally, cash in hand, handing out disco cards and living crammed into share apartments? Better if you got a job working for the holiday companies as a rep. It's a long time since I looked forward to a holiday the way I used to then, having got the brochures in January and booked up then with six months to think about it. When I go on a holiday now I usually book a couple of days before I leave so there's not the anticipation.

Perhaps i have waxed too lyrical about the joys of Surfers Paradise. Not that I am heading back to Sydney and my brother thinks it's the best place in the world to live. I shall see what happens after Xmas. My friend in Perth was asking me if I am still coming over. If not for Covid and my brother being here I might have been there already but now I'm not so sure.
 

[Marisawright]

33 minutes ago, MARYROSE02 said:

 It's a long time since I looked forward to a holiday the way I used to then

Me neither. When I lived in Sydney, I had no desire to go anywhere else for a holiday.  Why would I, I felt as though I was on holiday every single weekend for over 30 years!  I used to go and see my family every two years but that was to see them, not to have a holiday. After I'd seen them for three or four weeks, I'd book a week somewhere in Europe - but that was because I needed a good break after three weeks with my folks...

Once I turned 50 and started suffering with the heat, I did start heading off somewhere cool in the summer.   But otherwise, if I've gone on holidays in Australia, it's because my partner wanted to go, or because I felt I ought to make an effort to learn about the rest of the country. Not because I was eager to go.

I'm the same in Melbourne - or was until Covid hit. No time to be bored, and I was reluctant to take a holiday because it would mean missing some of my activities.  That's changed now of course. Having been cooped up for so long, I'm looking forward to heading somewhere as soon as it's allowed.

[Paul1Perth]

2 hours ago, MARYROSE02 said:

We could have been in Benidorm at the same time - June, 1973, I had one shameful holiday, i.e. FAR too much  drink. "I was only nineteen." I guess a lot of those people who stayed on in Benidorm to "live the dream" were working illegally, cash in hand, handing out disco cards and living crammed into share apartments? Better if you got a job working for the holiday companies as a rep. It's a long time since I looked forward to a holiday the way I used to then, having got the brochures in January and booked up then with six months to think about it. When I go on a holiday now I usually book a couple of days before I leave so there's not the anticipation.

Perhaps i have waxed too lyrical about the joys of Surfers Paradise. Not that I am heading back to Sydney and my brother thinks it's the best place in the world to live. I shall see what happens after Xmas. My friend in Perth was asking me if I am still coming over. If not for Covid and my brother being here I might have been there already but now I'm not so sure.
 

I was 19 in 73 too. Might have been in Benidorm at the same time mate. I remember there was a pontoon off the main beach that you could hire water skis and it pulled you round on a pulley system. They used to have one in Perth too, cable ski. Me and a couple of friends learned to water ski that holiday. Swallowed a lot the first couple of days.

Like you say, lots of cheap drink, organised parties where they mixed nationalities up ànd a lot of girls looking for a good time and a laugh too. Great memories. On the first night, almost straight off the plane, just enough time to put the cases into the room and head to a bar, we were sat there with a litre pot of beer each for about the same price you paid for a pint in the UK. We thought we had landed in heaven.

[Paul1Perth]

On 05/11/2020 at 13:34, MARYROSE02 said:

Where do you live? You have probably told me before!? I've been pondering/ruminating, not so much having second thoughts as wondering if I'm burning my bridges. My brothers are pushing me along to sell my flat in Sydney, which is not necessarily a bad idea. It is old now, needs modernising and has a nasty set of stairs,

Perhaps there is a disconnect between two lives and two locations. On the other hand I've hung on to my house in England for 12 years, more out of sentiment than for practical purposes. I've no intention of going back to England nor any great desire to head back to Sydney.

If I were you I'd sell the house in England and the Sydney flat. You could get yourself a nice pad on the Gold Coast and still have cash to spare. If you're enjoying it there why not. Couple of less things to worry about too.

[ramot]

17 hours ago, Paul1Perth said:

If I were you I'd sell the house in England and the Sydney flat. You could get yourself a nice pad on the Gold Coast and still have cash to spare. If you're enjoying it there why not. Couple of less things to worry about too.

If you believe what is in the UK newspapers, there is a strong possibility of taxes being raised on CG’s from the sale profits of many things including investment properties etc. Might be an idea to think about selling the UK house rather than risking a big tax hit. This is only a thought as I know nothing about business, but we are offloading UK assets where we can.

I really think it might be a mistake to sell your Sydney flat, until you are very sure about where you want to live, you have been very happy there, and might like the security of knowing if you fall out of love with the Gold Coast you can return.

Good luck with any decision you make.

[Wanderer Returns]

23 hours ago, MARYROSE02 said:

It's odd because walking by the waters edge is pleasant but then walking across the sand to the promenade I'm thinking "This is SO hot."

I'd say that this Saturday is definitely into 'getting your feet burnt' territory!  

I

[Wanderer Returns]

On 06/11/2020 at 10:06, Toots said:

Here is the wee ferry.  It takes about 5 mins and a few people who live in east Devonport and don't want to drive use it most days to get to work in town.

 

Reminds me of the ferry I used to catch when I lived on Scotland Island - happy days  

[Paul1Perth]

5 hours ago, ramot said:

If you believe what is in the UK newspapers, there is a strong possibility of taxes being raised on CG’s from the sale profits of many things including investment properties etc. Might be an idea to think about selling the UK house rather than risking a big tax hit. This is only a thought as I know nothing about business, but we are offloading UK assets where we can.

I really think it might be a mistake to sell your Sydney flat, until you are very sure about where you want to live, you have been very happy there, and might like the security of knowing if you fall out of love with the Gold Coast you can return.

Good luck with any decision you make.

There's a tax hit when you bring money in to Aus. Can't avoid it unfortunately.

Better to be retired first.

[ramot]

1 hour ago, Paul1Perth said:

There's a tax hit when you bring money in to Aus. Can't avoid it unfortunately.

Better to be retired first.

We are 

[MARYROSE02]

11 hours ago, ramot said:

If you believe what is in the UK newspapers, there is a strong possibility of taxes being raised on CG’s from the sale profits of many things including investment properties etc. Might be an idea to think about selling the UK house rather than risking a big tax hit. This is only a thought as I know nothing about business, but we are offloading UK assets where we can.

I really think it might be a mistake to sell your Sydney flat, until you are very sure about where you want to live, you have been very happy there, and might like the security of knowing if you fall out of love with the Gold Coast you can return.

Good luck with any decision you make.

Thanks and thanks to Paul in Perth too. I have decided to wait till after Xmas to make a decision on my Sydney home, and I guess the same for my UK home. In other words, I am going to continue my policy of dithering! I blame Covid. Is that fair?

[MARYROSE02]

9 hours ago, Wanderer Returns said:

I'd say that this Saturday is definitely into 'getting your feet burnt' territory!  

I

Those temperatures seem positively benign compared to the ones in the Courier Mail for 12 Nov, predicting temperatures of 39 to 43 degrees in the Bush. Here at least we have air conditioning and I can stay indoors during the heat of the day.

[FirstWorldProblems]

6 hours ago, Paul1Perth said:

There's a tax hit when you bring money in to Aus. Can't avoid it unfortunately.

 

Say what?!

I didn't know this.   Could you point me towards some reading material pls.  my google search skills are falling short.

[Marisawright]

7 hours ago, MARYROSE02 said:

Thanks and thanks to Paul in Perth too. I have decided to wait till after Xmas to make a decision on my Sydney home, and I guess the same for my UK home. In other words, I am going to continue my policy of dithering! I blame Covid. Is that fair?

No.  You sound like my oh, procrastinator extraordinaire.  Ramot has given you an excellent reason to sell the UK home.  If you delay, you are likely to lose a large amount of the profit in British capital gains tax. 

I wouldn't sell Sydney. 

[Marisawright]

6 hours ago, FirstWorldProblems said:

Say what?!

I didn't know this.   Could you point me towards some reading material pls.  my google search skills are falling short.

It depends what the source of the money is.  If it's the proceeds of selling your own home, then there's no tax.  In Paul's case, he cashed out a pension and brought the lump sum to Australia - which results in a fat tax bill. 

[FirstWorldProblems]

4 minutes ago, Marisawright said:

It depends what the source of the money is.  If it's the proceeds of selling your own home, then there's no tax.  In Paul's case, he cashed out a pension and brought the lump sum to Australia - which results in a fat tax bill. 

I see. Thank you.  So presumably if I had paid say, capital gains on investments in the U.K., I’d be good.  

[Wanderer Returns]

1 hour ago, Marisawright said:

It depends what the source of the money is.  If it's the proceeds of selling your own home, then there's no tax.

If @MARYROSE02's primary residence is in Sydney and she sells her property in the UK, then wouldn't she have to pay CGT anyway? Surely her home in the UK will be treated as an asset by both HMRC and the ATO? (depending on where she normally pays tax)

[ramot]

39 minutes ago, Wanderer Returns said:

If @MARYROSE02's primary residence is in Sydney and she sells her property in the UK, then wouldn't she have to pay CGT anyway? Surely her home in the UK will be treated as an asset by both HMRC and the ATO? (depending on where she normally pays tax)

MR is male

[Marisawright]

4 hours ago, FirstWorldProblems said:

I see. Thank you.  So presumably if I had paid say, capital gains on investments in the U.K., I’d be good.  

Not necessarily. 

If you completed the transaction before you left the UK and the money is already in the bank, then it's not relevant. You were not a resident at the time of the transaction.

However, if you cash in an investment or sell a property after you've become resident in Australia, you must declare it on your Australian tax and you are liable to pay Australian tax on it.   What they'll do is take the UK tax into account, because there's a double taxation agreement in place.  But if the Australian tax works out at more than the UK tax you've already paid, you'll have to pay the difference.

[Marisawright]

3 hours ago, Wanderer Returns said:

If @MARYROSE02's primary residence is in Sydney and she sells her property in the UK, then wouldn't she have to pay CGT anyway? Surely her home in the UK will be treated as an asset by both HMRC and the ATO? (depending on where she normally pays tax)

Yes he would pay CGT on the British property.  However, Ramot highlighted that the CGT rules are changing and the rates are likely to go up, so it would be a good idea to act now.   CGT is expensive enough as it is, without having to pay more.

Edited November 13, 2020 by Marisawright

[Wanderer Returns]

4 hours ago, ramot said:

MR is male

Ooops! No offence intended 

Edited November 13, 2020 by Wanderer Returns

[Wanderer Returns]

@Marisawright do you know how UK ISAs are taxed in Australia? I'd assumed that if you're not drawing any income from them then you wouldn't pay any tax, but all the while they are (hopefully) accumulating in value. When you decided to cash them in they should still be exempt from UK tax, so would you just pay Australia tax on the gain the investment has made over time, as though it were any other income?

[Marisawright]

12 minutes ago, Wanderer Returns said:

When you decided to cash them in they should still be exempt from UK tax, so would you just pay Australia tax on the gain the investment has made over time, as though it were any other income?

Yes, that's my understanding.  

[ramot]

1 hour ago, Wanderer Returns said:

@Marisawright do you know how UK ISAs are taxed in Australia? I'd assumed that if you're not drawing any income from them then you wouldn't pay any tax, but all the while they are (hopefully) accumulating in value. When you decided to cash them in they should still be exempt from UK tax, so would you just pay Australia tax on the gain the investment has made over time, as though it were any other income?

If you have anything in UK in the way of assets, then the tax situation is far from simple. The best advice is to speak to a tax consultant who really understands both the UK and Australian system. Many people recommend Alan  Collet. We have just spent an hour with ours, as this is the first time we will be taxed here, and there are many grey areas. Never assume anything!!! 

[Wanderer Returns]

4 hours ago, ramot said:

If you have anything in UK in the way of assets, then the tax situation is far from simple. The best advice is to speak to a tax consultant who really understands both the UK and Australian system. Many people recommend Alan  Collet. We have just spent an hour with ours, as this is the first time we will be taxed here, and there are many grey areas. Never assume anything!!! 

Thank you - very good advice. Anyone, please feel free to message me if you have any personal recommendations