UNDERSTANDING OF AUSTRALIAN TAX LAW
Be aware of Australian tax requirements if you are making the move to Perth.
By checking ou t the Australian taxation laws ealry on in the migration process, could save you a lot of dollars.
Put your financial strategy in place and do what is best for you
See A Financial Advisor Early In The Process.
By talking to a financial advsor that specialise in Australian Tax Law
you should find 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 later down the track.
If You Own Your Own Home Do You Sell It Or Rent It Out?
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 as much cash as we could to use on our move down under. We wanted to buy a house in Perth and wanted to be able to have a small mortgage.
Of course this may not be the best decision for you, all circumstances are different and you may find a lot of people tell you to keep your home. Just 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 the tax laws in Australia.
Do You Have An Endownment Mortgage On Your UK 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 rather than keep it running. Take advise from a tax specialist before making a decision.
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.