Kathss56 Posted June 22, 2019 Share Posted June 22, 2019 (edited) 12 hours ago, Sadge said: Re: Transferring proceeds of house sale. Having at long last (see my timeline!) got a serious buyer after several false starts, letdowns and disappointments, the question of transferring the proceeds into my Australian bank a/c has me a little concerned. I would be transferring the money from my UK bank via Moneycorps but would this be seen as taxable income by ATO? The house I'm buying in Australia won't be ready for some time (new village development) so the money would have to go into my account rather than direct to the developer, and appear as income. I'm just wondering how others have managed to avoid having to pay tax on their overseas house sale, as this must be quite a common scenario. Sold my house in March. Money transferred to UK bank - no tax is due if it was your own main home you sold. Money transferred and currently sat in a holding account in Westpac Australia. They will match rates to same as Transferwise etc., so hoping AUD exchange rate will improve some time soon! Edited June 22, 2019 by Kathss56 Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted June 23, 2019 Share Posted June 23, 2019 7 hours ago, Kathss56 said: Sold my house in March. Money transferred to UK bank - no tax is due if it was your own main home you sold. Money transferred and currently sat in a holding account in Westpac Australia. They will match rates to same as Transferwise etc., so hoping AUD exchange rate will improve some time soon! Don't overlook the obligation to submit a Non Resident CGT return with HMRC within 30 days of the sale completing if you are not resident in the UK at the time of the sale. A late filing penalty regime seeks to enforce compliance in this regard. Best regards. 1 1 Quote Link to comment Share on other sites More sharing options...
LindaH27 Posted June 23, 2019 Share Posted June 23, 2019 10 hours ago, Kathss56 said: Sold my house in March. Money transferred to UK bank - no tax is due if it was your own main home you sold. Money transferred and currently sat in a holding account in Westpac Australia. They will match rates to same as Transferwise etc., so hoping AUD exchange rate will improve some time soon! I didn’t find that. For £1000 Westpac offered $1757 Transferwise offered $1832 when I did a comparison just now Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted June 23, 2019 Share Posted June 23, 2019 1 minute ago, LindaH27 said: I didn’t find that. For £1000 Westpac offered $1757 Transferwise offered $1832 when I did a comparison just now If you are transferring a significant sum to Australia following the sale of a property in the UK I would be having a conversation with at least a couple of the specialist currency transfer firms to discuss strategy. It may not be the best option to move all of your money in one single transaction. Best regards. 2 1 Quote Link to comment Share on other sites More sharing options...
Ray and Geri Posted June 23, 2019 Share Posted June 23, 2019 7 hours ago, Alan Collett said: Don't overlook the obligation to submit a Non Resident CGT return with HMRC within 30 days of the sale completing if you are not resident in the UK at the time of the sale. A late filing penalty regime seeks to enforce compliance in this regard. Best regards. https://www.gov.uk/guidance/capital-gains-tax-for-non-residents-uk-residential-property#overview worth a read if you have already left UK. Quote Link to comment Share on other sites More sharing options...
Ray and Geri Posted June 23, 2019 Share Posted June 23, 2019 9 hours ago, LindaH27 said: I didn’t find that. For £1000 Westpac offered $1757 Transferwise offered $1832 when I did a comparison just now This subject comes up every few months... best advice is to talk to a few exchange companies.... I was a great advocate of Transferwise ( and they have recently reduced the percentage they charge on given amounts ) and still am...straight forward, you see what you get there and then and fast transfers. A few months ago I checked out Xe, you have to open an account online to see what they offer and it was no where near as good as Transferwise. Within a short time I got a call from them, after explaining my situation the guy changed their exchange rate on my account and promised it would always give me a better return, which it has, apart from weekends when it goes back to basic and Transferwise beats them hands down. As Alan says the rate these companies offers also changes with the amount you are eventually going to exchange. As exchange rates change around every 15 seconds it's hard to get an accurate comparison. But when all said and done the best company is the one you feel is the best for you. 1 Quote Link to comment Share on other sites More sharing options...
AMP Posted June 24, 2019 Share Posted June 24, 2019 On 20/06/2019 at 11:24, Anks said: Hi AMP, that is indeed very lucky as I have only heard that on 600 you get 3 years visa with multiple entries (apologies I do have heard about it...I reckon its for people who are in the parent visa queue where 600 can be for 5 years validity) my question is more regarding the minimum outside stay Could you please advise if there is a requirement on how many months do you have to be away from Australia to come back for another 12 months as you mentioned you had a brief return to the UK... Hi Anks, no there was no requirement at all for time period I need to be out of the country. I haven’t tried it but I think even a couple of days would be enough. I went to Bali for a week in January and when I came back it was classed as another reentry with 12 months stay validity from that point. My recent return trip to the UK was just for two weeks. Others however have to be away longer, particularly if the terms on their 600 visa are for 12 months stay in every 18 months. It appears that all the current 600 visas have this condition - though maybe someone on the forum can tell us differently. Quote Link to comment Share on other sites More sharing options...
Anks Posted June 24, 2019 Share Posted June 24, 2019 Thanks AMP, that's really handy if there is no minimum out of Aus stay requirement. Staying away for 6 months seems to be a long time with parents. The most vulnerable I would say.. Does anyone knows if there is a way to get that condition (8558) waived if we have applied for 143 and waiting?? Quote Link to comment Share on other sites More sharing options...
LindaH27 Posted June 24, 2019 Share Posted June 24, 2019 It is quite common for parents visiting Australian residents to see this condition on their visitor visa grant. This condition is used to help enforce the genuine temporary stay requirement on a visitor visa 1 Quote Link to comment Share on other sites More sharing options...
SusieRoo Posted June 24, 2019 Share Posted June 24, 2019 On 23/06/2019 at 07:58, Alan Collett said: If you are transferring a significant sum to Australia following the sale of a property in the UK I would be having a conversation with at least a couple of the specialist currency transfer firms to discuss strategy. It may not be the best option to move all of your money in one single transaction. Best regards. Good information as always Alan. It may also be worth spreading larger deposits between banks, as only $250k is safe under the deposit guarantee scheme. Just noticed today NZ is taking steps to protect NZ depositors from bank failures (90% of NZ deposits are held by the big 4 Aussie banks). These are strange times. Just saying… 1 Quote Link to comment Share on other sites More sharing options...
pat and bill Posted June 25, 2019 Share Posted June 25, 2019 Many thanks LInda for sending me updated information regarding the 103 visa queue dates that are currently being considered. Our date is just one month later than the cut of date, September 2010, it's so frustrating that it hasn't moved for 12 months, I really wish that I had applied for the contributory visa a few years ago, still life goes on. Quote Link to comment Share on other sites More sharing options...
LindaH27 Posted June 25, 2019 Share Posted June 25, 2019 You’re welcome! Unfortunately they’re cutting back drastically on visa grants. I think there used to be something like 1500 non contributory visas issued each year (103 & 804) but last year I think was in the region of 1350 granted Hopefully you will hear something soon! Quote Link to comment Share on other sites More sharing options...
Marilyn Posted June 26, 2019 Share Posted June 26, 2019 Has anyone on 173 who submitted documents in February received invoice to pay? Do you think IMMI are waiting for the new financial year (next week) to issue grants. This has been such a long wait for the next step it is very worrying. Feeling in limbo 1 Quote Link to comment Share on other sites More sharing options...
Wishfull Posted June 26, 2019 Share Posted June 26, 2019 2 hours ago, Marilyn said: Has anyone on 173 who submitted documents in February received invoice to pay? Do you think IMMI are waiting for the new financial year (next week) to issue grants. This has been such a long wait for the next step it is very worrying. Feeling in limbo As we are at the end of the financial year it is possible that this year's visa allocation is full which would explain the delay in finalising your visa. What is more worrying, and is not so easily explained, is why they have not started processing applications lodged in September especially as some August applications have already been granted their visas. Given the lead time between being allocating a case officer and the time to process medicals, form 80, AOS etc one would have expected the next tranche to be initiated. To echo your words, it is very worrying. 1 Quote Link to comment Share on other sites More sharing options...
VLong Posted June 26, 2019 Share Posted June 26, 2019 3 hours ago, Marilyn said: Has anyone on 173 who submitted documents in February received invoice to pay? Do you think IMMI are waiting for the new financial year (next week) to issue grants. This has been such a long wait for the next step it is very worrying. Feeling in limbo I was requested for more information(such as dependent child infor) in may , so i think they have a look on your docs and they will grant visa for us soon.I hope so 1 Quote Link to comment Share on other sites More sharing options...
Kalil Posted June 27, 2019 Share Posted June 27, 2019 16 hours ago, Marilyn said: Has anyone on 173 who submitted documents in February received invoice to pay? Do you think IMMI are waiting for the new financial year (next week) to issue grants. This has been such a long wait for the next step it is very worrying. Feeling in limbo @Marilyn I wish that was the case and wish we get an invoice today or tomorrow. The way you can see the immi behave, I will be lucky even if I get it by the end of July. Very Sad Quote Link to comment Share on other sites More sharing options...
makemesparkle Posted June 27, 2019 Share Posted June 27, 2019 Hi everyone, I know this might have been asked several times but I need some enlightenment. My mum is currently holding a visitor subclass visa which was granted last year. She entered Australia in June 2018 and went back to our home country in March 2019 for 10 days. Recently, we have applied onshore for her parent visa and was granted a bridging visa A. I understand that it will take effect once her current visitor visa expires, but I am confused because her visitor visa does have the 8558 condition (not more than 12 months stay in 18 months). Apparently, when she left Australia last March, the validity of her visa was reset for another 12 months so its expiry date now shows March 2020. Her 12th month stay will be next week, but I am confused if the BVA will kick in next week or on March 2020? If it will take effect in 2020, she will breach the 8558 condition. Also, it was noted on her current visa that she must not arrive after October 2019. I am a bit confused whether she needs to leave Australia or not. Thanks! Quote Link to comment Share on other sites More sharing options...
Ammy143 Posted June 27, 2019 Share Posted June 27, 2019 18 hours ago, VLong said: I was requested for more information(such as dependent child infor) in may , so i think they have a look on your docs and they will grant visa for us soon.I hope so 18 hours ago, VLong said: I was requested for more information(such as dependent child infor) in may , so i think they have a look on your docs and they will grant visa for us soon.I hope so can i know your acknowledgment date or lodged date.??? & when other documents were asked Quote Link to comment Share on other sites More sharing options...
LindaH27 Posted June 27, 2019 Share Posted June 27, 2019 2 hours ago, makemesparkle said: Hi everyone, I know this might have been asked several times but I need some enlightenment. My mum is currently holding a visitor subclass visa which was granted last year. She entered Australia in June 2018 and went back to our home country in March 2019 for 10 days. Recently, we have applied onshore for her parent visa and was granted a bridging visa A. I understand that it will take effect once her current visitor visa expires, but I am confused because her visitor visa does have the 8558 condition (not more than 12 months stay in 18 months). Apparently, when she left Australia last March, the validity of her visa was reset for another 12 months so its expiry date now shows March 2020. Her 12th month stay will be next week, but I am confused if the BVA will kick in next week or on March 2020? If it will take effect in 2020, she will breach the 8558 condition. Also, it was noted on her current visa that she must not arrive after October 2019. I am a bit confused whether she needs to leave Australia or not. Thanks! Be careful as the 12 in any 18 months stay is a rolling one so if she left before a12 month stay was up it affects the calculations I believe The difficulty with this condition is that calculations are based on “any 18 month period” as opposed to 18 month period cycles. This means a visa holder with this condition in Australia needs to calculate the total stay in the last 18 months from every further day the visa holder remains in Australia. Alternatively, a visa holder may choose to calculate if they have spent at least 6 months in the last 18 months have been spent outside of Australia Quote Link to comment Share on other sites More sharing options...
makemesparkle Posted June 27, 2019 Share Posted June 27, 2019 5 minutes ago, LindaH27 said: Be careful as the 12 in any 18 months stay is a rolling one so if she left before a12 month stay was up it affects the calculations I believe The difficulty with this condition is that calculations are based on “any 18 month period” as opposed to 18 month period cycles. This means a visa holder with this condition in Australia needs to calculate the total stay in the last 18 months from every further day the visa holder remains in Australia. Alternatively, a visa holder may choose to calculate if they have spent at least 6 months in the last 18 months have been spent outside of Australia Hi @LindaH27, thanks for the reply. I am actually confused whether or not she needs to go our of Australia when she hits the 12th month because she was granted a bridging visa A. I don't know if it will start after she finished the 12 months of her tourist visa. Quote Link to comment Share on other sites More sharing options...
LindaH27 Posted June 27, 2019 Share Posted June 27, 2019 (edited) Sorry I’ve always found this difficult to workout but more experienced posters will chip in no doubt! I would have said the visa kicks in after the end date of of her original 600 visa but not sure. It’s worth consulting’s an agent as you don’t want to breach any conditions! Edited June 27, 2019 by LindaH27 Quote Link to comment Share on other sites More sharing options...
ramot Posted June 27, 2019 Share Posted June 27, 2019 3 hours ago, makemesparkle said: Hi everyone, I know this might have been asked several times but I need some enlightenment. My mum is currently holding a visitor subclass visa which was granted last year. She entered Australia in June 2018 and went back to our home country in March 2019 for 10 days. Recently, we have applied onshore for her parent visa and was granted a bridging visa A. I understand that it will take effect once her current visitor visa expires, but I am confused because her visitor visa does have the 8558 condition (not more than 12 months stay in 18 months). Apparently, when she left Australia last March, the validity of her visa was reset for another 12 months so its expiry date now shows March 2020. Her 12th month stay will be next week, but I am confused if the BVA will kick in next week or on March 2020? If it will take effect in 2020, she will breach the 8558 condition. Also, it was noted on her current visa that she must not arrive after October 2019. I am a bit confused whether she needs to leave Australia or not. Thanks! Take advice from an MA, the wrong advice how ever well intentioned might have a bad outcome. 2 Quote Link to comment Share on other sites More sharing options...
Marilyn Posted June 27, 2019 Share Posted June 27, 2019 A question please for all those that are settled etc. I have mentioned to my daughter she will need to have me added to one of her utility bills so that I can open up a bank account etc and she said she is unable to put me on her council tax or water bill as that is only for the home owners so that just leaves electricity bill - are there any other bills that you have been put on in the first instance - I know in the UK anyone living on a property must be on the council tax bill which would suffice. TIA Quote Link to comment Share on other sites More sharing options...
donovandenese Posted June 27, 2019 Share Posted June 27, 2019 6 minutes ago, Marilyn said: A question please for all those that are settled etc. I have mentioned to my daughter she will need to have me added to one of her utility bills so that I can open up a bank account etc and she said she is unable to put me on her council tax or water bill as that is only for the home owners so that just leaves electricity bill - are there any other bills that you have been put on in the first instance - I know in the UK anyone living on a property must be on the council tax bill which would suffice. TIA You can open an Australian bank account before travelling to Australia so no requirement for an Australian address eg https://www.westpac.com.au/personal-banking/bank-accounts/transaction/choice/migrants/ 1 Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted June 27, 2019 Share Posted June 27, 2019 1 hour ago, ramot said: Take advice from an MA, the wrong advice how ever well intentioned might have a bad outcome. And be prepared to pay for it! Best regards. 5 Quote Link to comment Share on other sites More sharing options...
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