If you are making the move to Perth then you may benefit from looking at your finances ealry on in the migration process, it could save you a lot of dollars. Put your f inancial strategy in place and do what is best for you. |
PERTH FINANCE |
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SEE A FINANCIAL ADVISOR EARLY IN THE PROCESS
that specialise in Australian Tax Law they will probably be able to save you heaps of ££££ & $$$$$.It may not be money you have in your pocket now it may be money they can save you having to part with.
IF YOU OWN YOUR OWN HOME SELL OR RENT IT
We seriously considered renting out our flat in London before we left the UK but decided against it. In our case we felt that the market had flattened out and we would not expect to see the value of the house increase very much over the following 5 years. We wanted to have the all the money we would have made on the house now to use on our move down under.
Of course this may not be the best decision for you, all circumstances are different and you may find a lot of people advise you to keep your home in case you don’t like Perth and want to move back to the UK.
Explore your options, discuss with your Financial Advisor, preferably one with an understanding of the Australian Tax system. REMEMBER once you are a permanent Australian resident you will be subject to the Australian tax laws.
TRANSFERING YOUR PENSIONS TO AUSTRALIA
What, Why? We hear you saying!TAKE ADVISE ON YOUR UK PENSION. Australian tax laws are different to the UK. In Australia you pay tax on the capital growth of your UK pension. This could potentially cost you many $$$$
DO YOU HAVE AN ENDOWNMENT MORTGAGE ON YOUR HOME?
You will be required to pay tax on the growth of the UK endownment in Australia so you may want to cancel your policy. Take advise from a specialist. Following financial advice we asked for a review to be be completed on our Endownment to see if we had been miss-sold it. Last week we received a cheque for just over £3,000.
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