Guest Nelson Posted May 8, 2006 Share Posted May 8, 2006 Anyone have any figures about 'average' money taken over by brits.. i've read loads of peoples' comments that they are skint.. what is skint these days? Does it mean people are going with nothing but the clothes they stand up in or what? Link to comment Share on other sites More sharing options...
Guest forshac Posted May 8, 2006 Share Posted May 8, 2006 What a good question... :roll: Link to comment Share on other sites More sharing options...
Guest Alison1967 Posted May 8, 2006 Share Posted May 8, 2006 Anyone have any figures about 'average' money taken over by brits.. i've read loads of peoples' comments that they are skint.. what is skint these days? Does it mean people are going with nothing but the clothes they stand up in or what? Programme on the other day about taking money into Oz. Take over $10.000 in any currency you have to declare it otherwise they confiscate it and prosecute you. No probs if you declare it though, lots of money laundering going on they said. Ali Link to comment Share on other sites More sharing options...
Guest ABCDiamond Posted May 8, 2006 Share Posted May 8, 2006 An average figure is subjective. However, a poll was recently done of about 160 UK to OZ migrants, and the results, of how much they were taking with them, were: 9.82% - Under £10k 9.20% - £10 – £30k 11.04% - £30 – £50k 20.25% - £50 – £100k 19.63% - £100 – £150k 8.59% - £200 - £250k 6.75% - £250 – £300k 4.91% - £300 – £400k 1.84% - £400 - £ 500K 7.97% - Over £500k To come out with £100k, meaning you can buy a house mortgage free in many areas, would be a good feeling. However, those with under £10,000 do feel that they have to get into the working life again very quickly. Mainly because of the new setting up costs that they incur. £10,000 is about half of an average annual GROSS wage here, so there would be many people very happy to have that figure of spare cash I have heard people say they are "skint" too, and have been left wondering.... A person who owns one property outright, and a decent % of investment properties, and has a large super fund, complains that they are skint as they have no spare money in the bank for holidays !! Yet probably have a net worth of over $1M. "Skint" means different things to different people Link to comment Share on other sites More sharing options...
Guest Nelson Posted May 9, 2006 Share Posted May 9, 2006 To ABCDiamond.. That's really helpful.. thanks for that! Link to comment Share on other sites More sharing options...
Guest Alison1967 Posted May 9, 2006 Share Posted May 9, 2006 I was talking about cash taken into country with you. The money from the house sale will be sent bank>bank transfer. Ali Link to comment Share on other sites More sharing options...
Guest Neil Meadowcroft Posted May 9, 2006 Share Posted May 9, 2006 Hi, Is it true that you have 6 months to change your pounds into dollars or run the risk of paying tax on this? (if this is in a Australian bank account) Cheers. Link to comment Share on other sites More sharing options...
Guest ABCDiamond Posted May 9, 2006 Share Posted May 9, 2006 Hi, Is it true that you have 6 months to change your pounds into dollars or run the risk of paying tax on this? (if this is in a Australian bank account) Cheers. No. You will not pay tax on any Capital Sum that you have when you migrate, no matter how long you take to bring it over. Tax only comes into it if that value increases, and the "increase" is then classed as income and is taxed. If you keep it in £, even in an Australian bank account, it will be treated as an investment, and any "gain" will be taxed, even just a gain from foreign exchange movements. Link to comment Share on other sites More sharing options...
Guest Neil Meadowcroft Posted May 10, 2006 Share Posted May 10, 2006 Cheers. Link to comment Share on other sites More sharing options...
Guest lainey Posted May 10, 2006 Share Posted May 10, 2006 very interesting question, thanks for that. We got told that we get advised to bring £12k per adult and £2K per child well there is 4 of us in our family so £28k was a bit steep and we where panicking over that, but im reassured now thank you ! Lainey Link to comment Share on other sites More sharing options...
Guest scoop Posted May 10, 2006 Share Posted May 10, 2006 Hi Lainey I too am a little reassured as I will not be one of those being able to buy a house out right. Not sure how much I will be bringing yet (house sale and all that, one dog poorly not sure if she will join the other two!) I'm hoping to have a good deposit but being a single parent not sure what the future will hold!! Not scared at all me!?! SCoop x Link to comment Share on other sites More sharing options...
Guest lainey Posted May 10, 2006 Share Posted May 10, 2006 Hi Scoop, we r relying on what we get after the sale of the house, which wont be that much coz of all the debts we have accumalated over the past 10 years, but at least we will be starting a new life with a clean slate, but it means we have to wait for hubby to find a job over there now before we can go. boohoo..... so many obstacles!! lainey Link to comment Share on other sites More sharing options...
Guest Beki Posted May 10, 2006 Share Posted May 10, 2006 I'm sorry about your poorly dog SCoop I wish I had a million quid stashed away in investments! To say one is skint in my book is to have to be out there grafting day in day out sometimes all weekend too. Up at 5.30 am to beat the traffic. Not home until the kids are asleep, covered in crap from the days work. Living in a house that only partly belongs to you because the housing market is out of reasonable reach, in an area most would decribe as undesirable. And then there's the fuel costs, Kens charges just for the privalage of working in town and "free" nursery places for my twins that come to sometimes £200 a term. I could go on and on... Skint is when you work hard and still find the cost of living too much! That's my definition anyway. Link to comment Share on other sites More sharing options...
Guest claireand bob Posted May 11, 2006 Share Posted May 11, 2006 we moan that we have no money all the time, but since we wanted to move to oz we have saved over 2k a month when you think about it that way we could afford to go to oz every month! We will hopefully be able to buy a house outright both aged under 32 so could have an investment property aswell. it would never happen in the uk, just waiting for the nod now. Claire and Bob Link to comment Share on other sites More sharing options...
Guest scoop Posted May 11, 2006 Share Posted May 11, 2006 Hi Guys Thanks Beki for your sentiment, she seems okay most days must not sure if she will be up for the flight :cry: Now then Claire and Bob good on ya for your savings but you've really depressed me :lol: I keep trying to save but the costs of the move keep adding up, guess I will have to rely on my house equity :? Hope the market don't slump :shock: Even taken to buying the odd lottery ticket!! How bad? Good luck with ti all guys SCoop x Link to comment Share on other sites More sharing options...
Guest stevenglish Posted May 11, 2006 Share Posted May 11, 2006 my god, i'm paid pretty well but i have trouble saving 200 a month. can i clean your swimming pool for you when i get out there??? good rates fair play to you both & hope you make the move soon steve Link to comment Share on other sites More sharing options...
Guest Nom&Nat Posted May 24, 2006 Share Posted May 24, 2006 Firstly hello to all I've heard so many different stories on this Aussie tax system! Lets say for example a couple migrate with £150k from the proceeds of their property sales - will they or won't they get taxed on this sum? Second example: If the couple migrate to Oz for say 2-3 years, decide its the place for them so they come back to the UK to sell their properties and can bring around £150k back into their adoptive country - will they be taxed on this? If yes - how much? I hope I am clear about what I am asking... Any ideas what would be the best way forward in this or a similar situation???? Regards N & N Link to comment Share on other sites More sharing options...
Guest ABCDiamond Posted May 24, 2006 Share Posted May 24, 2006 Will you be taxed on the money you bring? This is a common question, and the general answer is NO, unless you don't bring the money with you at the time that you migrate. Even then, the only tax you will pay, will be on any increase in its value since you became resident here. This change in value can be just from the Exchange rate movements, or the interest you have gained from Bank Accounts in the UK, or even property value increases. An example to try to explain this: Assume you have a property in the UK valued at £100k, and £20k in the bank. You move over when the exchange rate is say 2.4 to the £, therefore you are worth $288,000. Assume you bring your funds over 3 months later and the exchange rate at the time is 2.45 to the £. You bring £120k x 2.45 = $294,000. Your worth has increased by $294k - $288k = $6,000 and this is the figure that is taxable as part of your income for the relevant tax year. If the value of the house had gone up or down it would affect the taxable figure accordingly. Link to comment Share on other sites More sharing options...
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