Help!!

[Guest Colin and amy]

Hi,

 

Seeing as though we have only had a few weeks to find out about moving to Oz, we are finding the whole experience a bit tramatic as we have not had much time to research.

Can anyone help please???

Regarding the tax file number, how/where do you apply for it and is it a problem that i will be starting work within a couple of weeks from arriving (xmas day) with no fixed address as we will be in hotels as from day 1 until we find somewhere to live and will internet access be a problem?

 

Also what is the current state of affairs regarding tax payments on savings ,as we will be cashing in our ISA's and keeping the money in a UK bank account (will we be stung on tax etc as wehave heard some nightmare srories about paying lots tax on it )???

 

:arghh:

 

Thanks once agin guys, all the help is greatly appreciated!!!

 

Colin and Amy

[Guest billy braveheart]

Hi Colin & Amy

 

With regards to the Tax File Number you can apply for it online when you get here it only takes about 5 days to reach you & this can be done at a internet cafe. Here's the link Online individual tax file number (TFN) registration or just type in Tax File Number to google.

 

As for your question about tax on savings im afraid I cant answer that one but im sure someone will be along that no the answer.

 

Janette

[Life on easy street]

It depends on your type of visa on permanent visa

 

It is my understanding that you will be liable to Foreign Investment tax

Which is 15% of all gains made on assets not in Australia.

 

I recommend you contact an Australian Tax advisor

[Guest Colin and amy]

Hi Guys,

 

Thanks again for the feedback, i spoke to the UK tax ofice yesterday and was informed that our UK savings would be subject to tax deductions regardless of the fact that we would be oversea's .

:mask:

 

I had read another post on here that says that there is a chance that we will subject Australian gov. tax at 15% which the UK tax office stated made no difference regarding UK tax deductions and that i would have to speak to Australian bank/tax advisor when im out there.

 

One other thing if it helps, Nationwide have been great so far with sorting out a bank account which has free cash access abroad and have been very supportive.

 

Cheers

 

Colin and Amy

[Guest Liam]

Hi Colin and Amy

 

Speak to Alan Collet at Go Matilda - Your Gateway to Australia - Visa, Tax and Financial Planning for Australia about the tax to get a proper answer. If you pay tax in the UK on the savings (which you should as you usually have to register as a non-resident and fill a form for your bank so they take out the non-resident witholding tax) then you will get tax credits in Australia so you are not double taxed by the 2 systems. The 15% mentioned by others refers to the growth of value on pensions transfered outside the 6 month window when you arrive.

 

 

But as I said if you are talking about a reason able sum of money then talk to a tax expert who will look at your individual circumstances and Alan is qualified in both Australia and the UK so is always my first recommended stop for those type of questions.

 

regards

 

Liam