Guest Bob & Keeley Posted September 11, 2008 Share Posted September 11, 2008 Hi, We're hoping to move to Perth in November on a 457. We have substantial savings here in the UK but I think i'll get a better rate in Australia. Can anyone advise: can we put these savings in my spouses name - she will not be working and will therefore pay a lower rate of tax; if we leave it in the UK; is it more beneficial to pay the tax in the UK or Aus? Cheers:huh: Link to comment Share on other sites More sharing options...
Guest andynsaz Posted September 11, 2008 Share Posted September 11, 2008 Hi Sorry can't help with your question but I'm interested to know myself so going to watch the post, hope you don't mind! Sarah:spinny: Link to comment Share on other sites More sharing options...
Guest AndrewL Posted September 12, 2008 Share Posted September 12, 2008 Put it in the Channel Islands and you won't pay tax anywhere. Link to comment Share on other sites More sharing options...
Guest adey Posted September 12, 2008 Share Posted September 12, 2008 We are on a 457 and were told to put our savings in my name as I earn a lower wage than hubby and therefore pay a lot less tax. He pays 40% I pay 19% so the interest will be taxed at my rate. However, if you leave money in the UK you will pay tax there and in Aus they won't tax it whilst on the 457. Just depends what tax levels you pay in the UK and what you'll pay in Aus. Interest rates on savings accounts here are higher than the UK and online accounts with some banks can be very good. Maybe speak to an Accountant when you get here and see what they advise is in your best interest. Find one that deals with people on 457's already and they should be up to date with the tax laws between UK and Aus whilst on a temporary visa. Sarah Link to comment Share on other sites More sharing options...
Guest AndrewL Posted September 12, 2008 Share Posted September 12, 2008 We are on a 457 and were told to put our savings in my name as I earn a lower wage than hubby and therefore pay a lot less tax. He pays 40% I pay 19% so the interest will be taxed at my rate. However, if you leave money in the UK you will pay tax there and in Aus they won't tax it whilst on the 457. Just depends what tax levels you pay in the UK and what you'll pay in Aus. Interest rates on savings accounts here are higher than the UK and online accounts with some banks can be very good. Maybe speak to an Accountant when you get here and see what they advise is in your best interest. Find one that deals with people on 457's already and they should be up to date with the tax laws between UK and Aus whilst on a temporary visa. Sarah Please see the below post, cheers. Link to comment Share on other sites More sharing options...
Guest Bob & Keeley Posted September 12, 2008 Share Posted September 12, 2008 We are on a 457 and were told to put our savings in my name as I earn a lower wage than hubby and therefore pay a lot less tax. He pays 40% I pay 19% so the interest will be taxed at my rate. However, if you leave money in the UK you will pay tax there and in Aus they won't tax it whilst on the 457. Just depends what tax levels you pay in the UK and what you'll pay in Aus. Interest rates on savings accounts here are higher than the UK and online accounts with some banks can be very good. Maybe speak to an Accountant when you get here and see what they advise is in your best interest. Find one that deals with people on 457's already and they should be up to date with the tax laws between UK and Aus whilst on a temporary visa. Sarah Thanks Sarah, this is a real help. Out of interest - if you're there on a 457, do you automatically get taxed at the higher rate by your employer? Link to comment Share on other sites More sharing options...
Guest adey Posted September 15, 2008 Share Posted September 15, 2008 OH gets LAFHA allowance so our tax rate is quite low at the moment but will increase as soon as we buy a property as LAFHA stops at that time. As far as I'm aware we pay the same rate as others I know I do on my salary. Link to comment Share on other sites More sharing options...
Guest malky39 Posted September 26, 2008 Share Posted September 26, 2008 Just to say if your living in Oz and leaving your money in a bank in the UK you would not pay any UK tax on it, aslong as you meet the requirements such as i believe you cannot live in the uk for more than 3 months of the year Link to comment Share on other sites More sharing options...
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