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Tax advice - who to use?


Guest dizzy blonde

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Guest dizzy blonde

Hi I am sure this has been covered somewhere before but I am struggling to get some decent tax advice before we leave the UK next month. We have some savings and hopefully if we ever sell the house some equity that we need to shift to Oz. We don't need all of it straight away.

 

The banks want to talk to us about offshore but can't tell us if we will be taxed when we eventually move money into Oz - so much for an international service. Contacted Prism Expat today but they only really seem interested in the Pension and want to charge £95 for a meeting to discuss Pension in more detail. Which I know we need to sort as well.

 

Feel as though I am going in never-ending circles. We are going on a 457 visa if that makes any difference. Has anyone else found an agency that can do both UK and Oz Tax advice before I go completely bonkers! :chatterbox:

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Guest thekeg95

:mask:Put all of your money in a nice little offshore account say in the chanel islands and come to OZ with a couple of plastic cards. Tell the tax man NOTHING:jimlad:HA HA

 

Yours in lawfull respect

 

STEVE

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Guest newnico

I was unimpressed with Prism, and have now contacted Alan Collett at GoMatilda, who posts on here. He knows both tax systems so should be able to help.

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Guest randpm

Hi Dizzy!

Just remember good advice is not free....... we found it hard to get good advice and used Geriant Davies at Montfort International....received great advice :

Montfort International plc

Geraint Davies

MD - Independent Financial Advisers

 

main +44 (0) 1483 202072

office fax +44 (0) 1483 202073

work 07974349937

 

Adviser Geraint.Davies@miplc.co.uk

Financal Simon.Harvey@miplc.co.uk

Visas john.adams@miplc.co.uk

Adviser paul.davies@miplc.co.uk

Sec. glenys.davies@miplc.co.uk

 

office Home Farm,

Shere Road,

Albury

Guildford

Surrey

GU5 9BL

UK

Montfort International plc

FSA Ref No: 181199 Company Reg. No: 3131722

 

Hope this helps.........

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Hi Dizzy

 

I would always suggest that you look for a professional tax adviser with both UK and Australian Tax and Accounting advice such as the Go Matilda service. But if you choose to look for a local service then make sure its your local australian one when you get here not a local UK one before you leave as the 2 tax regimes are totally different and it is the Australian tax system that you will be the one under which you are assessed.

 

I have seen people lose thousands for the sake of not getting proper Australian advice and acting hastily before coming over here.

 

With your pension, remember you have 6 months to transfer it after you arrive so you can make sure you are making ther right move before committing to a transfer.

 

Hope this is of help.

 

Liam Shorte B.Bus DipFS AMC

Wealth Advisor & Finance Specialist

PRO-ACTIVE ADVICE PTY LTD

 

Suite 40, 8 Victoria Ave., Castle Hill NSW 2154

PO Box 6002 BHBC, Baulkham Hills NSW 2153

Tel: +61 2 9634 1755 Fax: +61 2 9680 3750

Mobile: +61 413 936 299

liam.shorte@genesyswealth.com.au

Genesys Wealth Advisers

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  • 8 months later...

Hello Margaret.

 

Do you mean the Collett & Co website? If so, yes I agree the tax rates, etc are out of date - we are having a makeover of the Go Matilda and Collett & Co websites in the next few weeks, at which point the contents will be up to date.

 

In the meantime, yes we are very much still in business!

 

Best regards.

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Guest Gollywobbler

Hi Alan

 

I spent about an hour trawling Google Australia earlier tonight trying to find some links about LAFHA to add to a thread!

 

I dish out the link to the Collett & Co website like sweets but you can rely on me not to read the fact sheets because I am convinced that I don't understand a word of them.

 

However, I have just read and do more or less understand your sheet about LAFHA. (Enough for the general gist and I didn't want any muddling details anyway!) Thanks for the link because it will be very handy for other members of PiO.

 

Plus it is a lot better than Gill muttering to people, "LAFHA. God knows what it is but there are lots of discussions about it!"

 

Cheers and thanks again

 

Gill

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Hi Alan & randpm

 

Does the holder of a CP 173 visa get treated as a temporary tax resident in Oz, please? If so then there may be a lot of advantages in the 2 stage visa for some people? (You may not be aware, randpm, that I literally do cringe and creep away if I hear the word "tax." Alan does know this!)

 

=> YES, I THINK THEY DO. A SUBCLASS 173 IS A TEMPORARY RESIDENCY VISA UNDER THE MIGRATION ACT 1958.

 

Also, do they need FIRB consent etc to buy a house?

 

=> I THINK THE STATUS OF A SUBCLASS 173 VISAHOLDER IS THE SAME AS A SUBCLASS 410 RETIREMENT VISAHOLDER. IN OTHER WORDS, IT ALL DEPENDS ON WHAT IS BEING BOUGHT, BUT POSSIBLY YES!

 

Thank you

 

Gill

 

Comments above IN CAPITALS, Gill.

 

Best regards.

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Guest Pinhead
Hi I am sure this has been covered somewhere before but I am struggling to get some decent tax advice before we leave the UK next month. We have some savings and hopefully if we ever sell the house some equity that we need to shift to Oz. We don't need all of it straight away.

 

The banks want to talk to us about offshore but can't tell us if we will be taxed when we eventually move money into Oz - so much for an international service. Contacted Prism Expat today but they only really seem interested in the Pension and want to charge £95 for a meeting to discuss Pension in more detail. Which I know we need to sort as well.

 

Feel as though I am going in never-ending circles. We are going on a 457 visa if that makes any difference. Has anyone else found an agency that can do both UK and Oz Tax advice before I go completely bonkers! :chatterbox:

 

It doesn't matter where you put the money offshore it will still produce taxable income that should go on your Oz tax return irrespective as to when you send it to oz.

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Guest AndrewL
It doesn't matter where you put the money offshore it will still produce taxable income that should go on your Oz tax return irrespective as to when you send it to oz.

 

Dizzy blonde will be temp res so she won't be taxed in Aust. That's why they are being told to put funds offshore.

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Guest Pinhead

If you live in Oz for more than 6 months in any tax year then your country of residency as far as tax authorities are concerned is Australia and therefore income generated worldwide should be included on your Oz tax return.

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Guest AndrewL
If you live in Oz for more than 6 months in any tax year then your country of residency as far as tax authorities are concerned is Australia and therefore income generated worldwide should be included on your Oz tax return.

 

It's actually 183 days and not necessarily in a tax year :-) And there's several more tests...

 

You may have missed the rather important changes in tax legislation that came into place 1 July 2006... The danger of taking advice on a forum, methinks!

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