Tax On Uk Money!

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Tax On Uk Money!
Topic Started: May 17 2007, 06:07 PM (227 Views)
CHELSEAJAMIE	May 17 2007, 06:07 PM Post #1
Redback Posts: 31 Group: Members Member #27 Joined: November 19, 2006	Hi there, Basically, because the exchange rate has gone so c*p recently, we are intending to put the proceeds from our house sale in a high interest account such as National Savings (6.05% !) until which time the exchange rate improves, then transfer it into Aus dollars...bet were not the only ones doing this, as we are kicking ourselves we didn't "Forward contract" in Feb..hindsight! Is it true that we would be taxed on the interest made on this fund as "World wide income" after 6 or 12 months, if we don't transfer straight away, as we are emergrating at the end of July? * Also, at what rate, is it the standard 20% ? If somebody could pl clarify this for me, I would be very grateful, as the A.T.O were no help! (Paul may know the answer to this one!) Finally, it does seem a bit of a cheek to me that the A.T.O/Aus Government can tax UK MONEY IN A UK ACCOUNT, but there you go.... Cheers, Jamie.



Paul	May 18 2007, 01:58 AM Post #2
Croc Posts: 270 Group: Members Member #110 Joined: March 27, 2007	Jamie, this is too grey an area for me to jump into and give solid advice on. I would suggest you don't listen to people's opinions or generalisations on this or any other forums where you've put this posting or one like it unless they're from a professional body. I'm always astonished at the advice my dear accountant (Aus one) gives to me over similar matters. In other words you should consult a professional. My circumstances are different to yours. I'd give you my accountant's details but he said he'd rather not let that happen as he knows he'll be swamped with enquiries and people have to make a living, don't they? So advice costs and strangely so few want to pay.... Sad really. If only the boot were on the other foot. Try John Griffiths at Gateway Australia (www.gatewayaustralia.com.au) and let him know who sent you. I can't promise anything but we communicated sometime ago and he may be able to help you. Otherwise, try a UK accountant, the UK tax office or keep plugging away at the ATO. Paul.



CHELSEAJAMIE	May 18 2007, 05:11 PM Post #3
Redback Posts: 31 Group: Members Member #27 Joined: November 19, 2006	Paul May 18 2007, 11:58 AM Jamie, this is too grey an area for me to jump into and give solid advice on. I would suggest you don't listen to people's opinions or generalisations on this or any other forums where you've put this posting or one like it unless they're from a professional body. I'm always astonished at the advice my dear accountant (Aus one) gives to me over similar matters. In other words you should consult a professional. My circumstances are different to yours. I'd give you my accountant's details but he said he'd rather not let that happen as he knows he'll be swamped with enquiries and people have to make a living, don't they? So advice costs and strangely so few want to pay.... Sad really. If only the boot were on the other foot. Try John Griffiths at Gateway Australia (www.gatewayaustralia.com.au) and let him know who sent you. I can't promise anything but we communicated sometime ago and he may be able to help you. Otherwise, try a UK accountant, the UK tax office or keep plugging away at the ATO. Paul. Ok Paul, I understand what you are saying and thank you for the link, I will send him a polite e-mail. I have posted / pasted e-mail from Medicare, which answers all my questions, on the "Medicare" thread I started. Regards, Jamie.



cathnpaul	May 20 2007, 03:37 PM Post #4
Moderator - Croc. the yellow ribbon is for Maddy.x Posts: 464 Group: Members Member #21 Joined: October 29, 2006	JAMIEKERRIE May 18 2007, 05:11 PM Paul May 18 2007, 11:58 AM Jamie, this is too grey an area for me to jump into and give solid advice on. I would suggest you don't listen to people's opinions or generalisations on this or any other forums where you've put this posting or one like it unless they're from a professional body. I'm always astonished at the advice my dear accountant (Aus one) gives to me over similar matters. In other words you should consult a professional. My circumstances are different to yours. I'd give you my accountant's details but he said he'd rather not let that happen as he knows he'll be swamped with enquiries and people have to make a living, don't they? So advice costs and strangely so few want to pay.... Sad really. If only the boot were on the other foot. Try John Griffiths at Gateway Australia (www.gatewayaustralia.com.au) and let him know who sent you. I can't promise anything but we communicated sometime ago and he may be able to help you. Otherwise, try a UK accountant, the UK tax office or keep plugging away at the ATO. Paul. Ok Paul, I understand what you are saying and thank you for the link, I will send him a polite e-mail. I have posted / pasted e-mail from Medicare, which answers all my questions, on the "Medicare" thread I started. Regards, Jamie. Looks like you arent on your own with this one Jamie, aircon and I have just mentioned a similar thing on another thread. If you find out anything please update us. We are going to be doing some research too on the worldwide investments side of things. If i hear anything will update the thread x
	LATE JUNE 2007, IS THE START OF <span style='font-family:Arial'>A NEW LIFE DOWN UNDER</span>


CHELSEAJAMIE	May 21 2007, 04:25 PM Post #5
Redback Posts: 31 Group: Members Member #27 Joined: November 19, 2006	cathnpaul May 21 2007, 01:37 AM JAMIEKERRIE May 18 2007, 05:11 PM Paul May 18 2007, 11:58 AM Jamie, this is too grey an area for me to jump into and give solid advice on. I would suggest you don't listen to people's opinions or generalisations on this or any other forums where you've put this posting or one like it unless they're from a professional body. I'm always astonished at the advice my dear accountant (Aus one) gives to me over similar matters. In other words you should consult a professional. My circumstances are different to yours. I'd give you my accountant's details but he said he'd rather not let that happen as he knows he'll be swamped with enquiries and people have to make a living, don't they? So advice costs and strangely so few want to pay.... Sad really. If only the boot were on the other foot. Try John Griffiths at Gateway Australia (www.gatewayaustralia.com.au) and let him know who sent you. I can't promise anything but we communicated sometime ago and he may be able to help you. Otherwise, try a UK accountant, the UK tax office or keep plugging away at the ATO. Paul. Ok Paul, I understand what you are saying and thank you for the link, I will send him a polite e-mail. I have posted / pasted e-mail from Medicare, which answers all my questions, on the "Medicare" thread I started. Regards, Jamie. Looks like you arent on your own with this one Jamie, aircon and I have just mentioned a similar thing on another thread. If you find out anything please update us. We are going to be doing some research too on the worldwide investments side of things. If i hear anything will update the thread x Me again:- This is copied and pasted from another forum, think it answers our questions and I especially DON'T like the sound of the 2nd paragraph! Once you came to Australia on a permanent residence visa and became "a resident of Australia for tax purposes", you will start to incur taxation liabilities for all income earned and capital gains made. This includes any income paid as interest while your money is in a UK bank account. You are also delaying transferring your money here because you think you may make a capital gain by transferring it at a later date. Any captals gain you do make on the currency FX rates may attract capital gains tax here in Australia. Normally there is a time period allowed for transferring funds where CGT is not applied, but in the situation where you have everything ready to go and you are actively speculating on future exchange rates, these exemption time periods may not apply.



cathnpaul	May 22 2007, 07:33 AM Post #6
Moderator - Croc. the yellow ribbon is for Maddy.x Posts: 464 Group: Members Member #21 Joined: October 29, 2006	I wonder what the timescales are. Good info posted there, cheers. We are watching the exchange rate daily at the moment and praying it goes up.
	LATE JUNE 2007, IS THE START OF <span style='font-family:Arial'>A NEW LIFE DOWN UNDER</span>


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