Buying property in Australia
Discussion
I intend spending 6 months each year in Australia with my children and after speaking with the Foreign Investment Review Board they will allow my daughter to purchase the property (built in 1920's) in her name as she is a Permanent Resident, if I buy in my name it has to be new. So, I need to transfer 400-500K from the UK to Australia and seeking advice on the most cost effective way to do this and also if there are any tax issues?.....many thanks for advice.
As far as I am aware there are no tax issues - just make sure you can show the money was obtained legally if necessary.
The real problem of course is the exchange rate - near historic lows for buying Australian Dollars.
As for the actual rate, negotiate with a bank to get a good deal.
I don't know the ins and outs of the Australian tax system - my MIL has lived in NZ for 10 years and we have made sure she doesn't have a tax number here - so doesn't pay any income tax on pensions. Avoid the Australian system if you can.
The real problem of course is the exchange rate - near historic lows for buying Australian Dollars.
As for the actual rate, negotiate with a bank to get a good deal.
I don't know the ins and outs of the Australian tax system - my MIL has lived in NZ for 10 years and we have made sure she doesn't have a tax number here - so doesn't pay any income tax on pensions. Avoid the Australian system if you can.
caziques said:
As far as I am aware there are no tax issues - just make sure you can show the money was obtained legally if necessary.
The real problem of course is the exchange rate - near historic lows for buying Australian Dollars.
As for the actual rate, negotiate with a bank to get a good deal.
I don't know the ins and outs of the Australian tax system - my MIL has lived in NZ for 10 years and we have made sure she doesn't have a tax number here - so doesn't pay any income tax on pensions. Avoid the Australian system if you can.
Thanks for that. I have looked at the Australian Tax Office web site and have concluded that as I am not working or spending longer than 6 months in Oz I will not be classed as an Australian resident for tax purposes.The real problem of course is the exchange rate - near historic lows for buying Australian Dollars.
As for the actual rate, negotiate with a bank to get a good deal.
I don't know the ins and outs of the Australian tax system - my MIL has lived in NZ for 10 years and we have made sure she doesn't have a tax number here - so doesn't pay any income tax on pensions. Avoid the Australian system if you can.
http://www.ato.gov.au/individuals/content.aspx?doc...
Exchanging from pounds to Aus$ is discussed here in reverse but its the same.
http://pistonheads.com/GASSING/topic.asp?h=0&f...
You will need to open a bank account in Oz to receive the money if you are using a foreign exchange company like HIFX.com as the sender and receiver of the fund must be the same person.
Best thing to do is to open a bank account with a local address and then change the address to your UK address because you are not resident for tax in OZ, the bank will deduct 10% tax from any interest earned and you don't have to lodge a tax return.
http://pistonheads.com/GASSING/topic.asp?h=0&f...
You will need to open a bank account in Oz to receive the money if you are using a foreign exchange company like HIFX.com as the sender and receiver of the fund must be the same person.
Best thing to do is to open a bank account with a local address and then change the address to your UK address because you are not resident for tax in OZ, the bank will deduct 10% tax from any interest earned and you don't have to lodge a tax return.
gra001 said:
I intend spending 6 months each year in Australia with my children and after speaking with the Foreign Investment Review Board they will allow my daughter to purchase the property (built in 1920's) in her name as she is a Permanent Resident, if I buy in my name it has to be new. So, I need to transfer 400-500K from the UK to Australia and seeking advice on the most cost effective way to do this and also if there are any tax issues?.....many thanks for advice.
How are you spending the 6 months a year here? Do you have citizenship? 2x 3 month stays?Not sure if 6 month in one go is allowed?
I transfer cash fairly frequently, would suggest using HIFX. No complaints so far and were always a better rate than the bank. They give a bit of advice and can suggest the best way to approach moving that kind of cash. The rate is juimping about a fair bit at the moment so its an idea to put in an order that will be triggered when the rate drops (hopefully!)
Gassing Station | Finance | Top of Page | What's New | My Stuff