Ken

Temporary residents (which includes 457 visa holders) are exempt from tax on foreign income so would not need to declare or pay any tax in Australia on a capital gain in the UK. If you are an Australian resident for tax purposes and meet the requirements to be a temporary resident, the temporary resident rules mean: Most of your foreign income is not taxed in Australia except income earned from employment or services performed overseas while you are a temporary resident. This income is subject to income tax and would still be declared in your return for the year in which you earned it. If you paid tax in a foreign country, you may be entitled to claim a foreign income tax offset when you lodge and declare that income in your Australian tax return. If a capital gains tax event occurs while you are a temporary resident, you are not liable to capital gains tax (nor treated as having made a capital loss) unless the asset is 'taxable Australian property'. Special rules apply to capital gains on shares and rights acquired under employee share schemes, for more information, see ESS – Foreign income exemption for Australian residents and temporary residents. Interest you pay to foreign residents (for example, foreign lenders) is not subject to withholding tax. Controlled foreign company record keeping obligations are partly removed. Foreign income exemption for temporary residents – introduction | Australian Taxation Office (ato.gov.au)

I think it's the securing a flight by paying top dollar that bugs me, while normal people are bounced off flights time and time again to make room for those who can pay the most. When you have a shortage of a vital resource it should go to those most in need (which means those who have been trapped outside Australia the longest), not those who can afford to pay the most.

# Is it OK that Adam Hills star of the BBC Show The Last Leg flew out of Melbourne during lock down to make his TV show in London and now expects to be allowed to fly back to Australia before Christmas? He's taking a valuable place in quarantine away from people who started trying to get back home to Australia while he was still in Melbourne! I think it's extremely selfish of him and he should be sent to the back of the queue. P.S. "# Is it OK" will only make sense to you if watch the show, don't worry about it otherwise!

I believe they were referring to the difficulty of traveling to Australia at the moment, making it impossible to activate their account and so preventing them from withdrawing any of their funds

Assuming you started transferring 50K each day on Wednesday when you first posted this, you'll could have 1.5 million in your Moneycorp account by Christmas (that's assuming you don't convert any of it to AUD beforehand). When do you need to settle on the house you are buying?

I doubt this works any more, but there was a time when if you faxed the instruction then the payment limits didn't apply.

In the UK they call the parts countries. In Australia they call the parts states. The spelling is a little different, but most of the difference between the structure of the UK and Australia is caused by 90% of the population of the UK living in just one state. A more even population spread between the states in Australia makes the system more workable.

They count as foreign income not winnings in Australia. Because your investment isn't at risk it doesn't count as gambling.

Some funds are better than others at the provision of information, but no, it's not very easy - especially as most still like to send the information by post and even if they are willing to set you up with online access will need to post you a password to get you started. Technically it's the past fund balances that you want rather than the statement of performance - although obviously the two are closely connected once you stop paying in to a fund. Those fund managers that do give online access often provide very little history. Appointing a tax agent will extend your lodgement deadline.

A) You have to declare some of those earnings. The part that doesn't need to be declared is the part that was earned before you became resident in Australia. Unfortunately that's not always an easy number to get to, but it is at least easier for a defined contribution policy that it is for a defined benefit policy. If you were able to obtain the value of your pension fund on the date you moved back to Australia (that presumably being the date you resumed Australian Tax Residency) it would be relatively straight forward because the taxable amount is the amount your fund grew from then to day it was paid into your UK bank account and the only complication would be the conversion to AUD. You are unlikely to have a statement on that date however, in which case it would need to be estimated by calculating from the values on dates that you do have. Incidentally there is excellent communication between HMRC and the ATO. As soon as you claimed your tax back because of being an Australian Tax Payer HMRC will have notified the ATO. Don't go thinking that the ATO don't know about it because it's in your UK bank account. B) No, you can't offset that. If you didn't use it when (and if) you could it's gone and in any case it was only valid for Australian Super withdrawals.

Not necessarily. There's an exemption for your Principal Place of Residence which can last for up to 6 years after you ceased to live there.

You haven't provided enough detail as to why you think you're not tax resident but I suspect you think it's something that applies separately to each tax year and that you have to be in Australia for 6 months every year? However once you become tax resident you remain tax resident until you do something to cease it (such as becoming tax resident elsewhere). If you permanently depart the country part way through a tax year you should be tax resident for part of the year and non-resident for the remainder of the year. Tax Residents who leave Australia temporarily and not permanently have difficulty shaking their tax residency.

I think you'll find that the approach to Income Protection that the Insurance industry has is that you have to complete a medical questionnaire and possibly take a medical too. If the result of that shows that you might need Income Protection Insurance within the next twenty years then you can't have it. If on the other hand the result shows that you don't need Income Protection then they'll sell it to you.

You could have done if you had been adversely affected by COVID-19 and had applied before 30th June 2020. Unfortunately temporary residents are not eligible to apply in the 2020-21 financial year. Your will need to get your PR and apply before 31st December 2020 (and be adversely affected by COVID-19) to be able to withdraw any super (unless you meet one of the other grounds for withdrawal but that's very unlikely if you are still eligible to be applying for PR).

Sorry I can't answer this - because I came on here today to ask the same question. My wife and I and 10 year old (with ASD) looking to relocate to QLD from Melbourne. Not tied to any particular location (one of the joys of COVID is the realisation that I can work from anywhere) but mainly looking at the Sunshine Coast hinterland. Hoping to buy a half-acre to build on - but need advice on where to look. Good (ASD friendly) schools essential.

Although the ATO did indeed switch to using the RBA rate for their official published rates from 1st January (prior to that they used the Commonwealth Bank of Australia rate), you still have the option to use either the rate prevailing at the time of the transaction or an average rate, or (and this obviously only applies to companies) "rates consistent with the rates used when preparing an audited financial report". Furthermore you are not required to use the official published rates but instead can use "appropriate exchange rates provided by (i) a banking institution operating in Australia including, where relevant, the banking institution through which your foreign income is received or (ii) another reliable external source.

I had a look at how much a skilled visa (subclass 175 as it was then) cost back in 2008 (when I applied). It was $2,100 and that included my wife. I think the same price would have included children but we didn't have any at the time (had to pay for separate subclass 101 after my son was born). So they've definitely become a lot more expensive over the years. But obviously the cost of the visa was (and still is despite the price increases) only a small portion of the cost of migrating.

If you are looking for guidance from Australian tax law on this point it remains silent. In any case the ATO allow a wide variety of different exchange rates to be used (provided you aren't trying to game the system by switching methods for different things). Using a Daily Conversion Rate from the RBA is a rule set by your employer not the ATO (although probably done so as to match the method they use for other foreign transactions) so it's up to your employer as to how to interpret this rule. Most employers would do the conversion for you to ensure the correct rate is used (and would normally use the rate for the 11th because most transaction information comes with just the date and not the time), but if they are leaving it up to you then use the rate that works best for you (provided you can justify it).

Get your employer to reimburse you in GBP (you'll need it to pay the credit card bill) - then they have all the FX expenses to pay!

I've had my Australian address and my Australian mobile phone number on my Santander account for the last 8 years. Never been a problem - although you do have to post them your new address when you move as the online system can't cope without a UK postcode (unless they've improved it since the last time I moved). Unlike some other UK banks they have no problem sending SMS to Australian mobiles.

Yes, it's in the UK. "a non resident taxpayer selling a residential property in the UK is required to report the disposal of the property on a Non Resident CGT (NRCGT) return within 30 days of the day after the date the property sale is completed" Quote taken from the Articles section of this very website. See:

Just occurred to me to point out that in order to qualify for a 5 year RRV you need to have lived in Australia for a minimum of 2 years (730 days) in the preceding 5 years. Not a problem if you are only planning to be out of the country for a year or two, but if you are going to be out for longer you really need to be planning to stay for 2 years once you return.

Yes, you only need an RRV if you want to re-enter Australia after the travel portion of your PR visa has expired (i.e. after whatever date in 2025 it expires) - and of course that's only if you haven't become a citizen in the meantime.

I assume that's a typo and you meant that an investor "has to hold positions for more than 12 months"? It's not quite as clear cut as that (investors will get out of positions sooner if they need to) but that's one way to draw a line - most traders keep their positions for a lot less than 12 months though (traditionally day traders closed out their positions every night) so it's not normally difficult to tell which they are. In Australia investors hold on to profitable positions for more than 12 months because that halves their taxable capital gain. Traders don't necessarily have a business plan (other than "make money") and some of the best traders act so intuitively to market movements they might not even be able to explain to themselves why they got out of or into a position when they did. You would need a log of all your trades (whether you are a trader or investor) or you won't be a able to work out what your profit and taxes due are but your trading platform (or platforms) normally provides that for you. I did used to work as an inhouse accountant with a trading business who had so many trades per day we were able to simply record the daily movement and fees (other than in the few areas of the business where they kept positions over night). Yes, you only need to pay tax on your net profit. Making losses on trades is one of the costs of doing business as a trader. You shouldn't need to worry about disclosing the trades you've made to your accountant since by the time you are doing your taxes those trading positions will already be out of date. I'm unclear as to why you think your past history of trades would reveal your trading strategy - it wouldn't normally reveal anything other than "if you'd known to buy that 9 months ago and then sell it a week later look how much you could have made". Some of the traders I worked with had their own closely guarded arbitrage formulas that they expected the market to return to and bought and sold based on those. Despite seeing all their trades by the following day (as I said I was inhouse) is was never apparent what those formulas were - but they made a profit most days so we figured they knew what they were doing!

I'm assuming you now live in Australia? If so when did you move. Did you live in the UK property before moving? Have you purchased a property in Australia? Sorry for all the questions but it makes a difference to your CGT liabilities - for example for Australian tax you can claim the UK property as your principal residence for up to 6 years after you stopped living there if you haven't bought a property in Australia. You also only have to pay tax on half the gain (where you owned the property for more than a year) that you got after moving to Australia (or after 6 years of it ceasing to be your permanent residence if applicable) and can deduct the UK tax paid on the gain from the Australian tax due. In most cases one or more of the rules means that you can have no Australian CGT to pay. For UK tax, as a starting point take a read of Alan Collett's Article on this website "Living in Australia and Selling a Property in the UK? Watch the UK's Capital Gains Tax (CGT) Regime for Non Residents"