Guest cruise Posted October 10, 2007 Share Posted October 10, 2007 Hi. What are the implications of bring GBP from UK 6 or 12months after arriving in oz? The reason being that the rate is awful at the time of arriving. thanks:smile: Link to comment Share on other sites More sharing options...
Guest Liam Posted October 11, 2007 Share Posted October 11, 2007 It will depend on whether it is Cash in the bank or Pension Funds. With Cash at bank the only implications are the treatment of the interest or earnings if you are non-resicent in the UK and you should see a tax agent to check but I am sure that is not your main concern. As an Aussie Resident you are taxed on your world wide earnings but you do get credits for any tax paid in the UK or most other countries so its not too bad. With Pension funds , you have a set period after you become resident to move the funds without penalty to a QROPS (Qualifyiny Overseas Pension Scheme) here in Australia. After that period you pay tax on the growth in the fudns from the time you became resident. Also be careful about expecting the exchange rates to improve dramatically. Many Forex dealers are expecting that the Aussie Dollar could continue to appreciate against the Dollar and the GBP. I always recommend people look at drip feeding the funds across in 2-3 batches over a year to try and avoid mis-timming the market. This all depends on your personal circumstances and you should seek advice for you particular situation before making a decision. regards Liam Link to comment Share on other sites More sharing options...
Guest cruise Posted October 15, 2007 Share Posted October 15, 2007 The issue is with leaving cash in UK until the rate improves. I was under the assumption that capital gains tax would be levied on the date of the conversion if that date was after 6months of arriving in Oz. Link to comment Share on other sites More sharing options...
Guest Liam Posted October 15, 2007 Share Posted October 15, 2007 In my experience that only applies to Pension funds and you have the 6 months from when you arrive to transfer these. Also please bear in mind if you are holding the funds in cash then there is no Capital Gain only Income You should seek personal tax advice from an Accontant like Alan Collet who is a member here or via Go Matilda - Your Gateway to Australia - Visa, Tax and Financial Planning for Australia as he had both UK and Aussie Accounting Qualifications and you need tax advice for your own individual circumstances. best of luck Liam Link to comment Share on other sites More sharing options...
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