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Member
Posts: 9
| Hi,
Was advised to refer this question to you from HiFX.
We need some advice, we have started the migration process with T.A. & I have an big issue I want to clarify or it could cost me £££££.
I have a property in UK which is worth positive equity at present value around £400,000, we are looking at initially going to Australia with a living amount £40-50,000 then sell our property after a year there. As both are large amounts what would be the best way to transfer both & will I have to pay tax on either in either country?
Regarding my 17yr old son who is claiming disabilty living allowance in uk at present (review 2010), would he be entitled to claim this & receive the funds if we live in Australia?
Also my husband has a private pension he has not paid into for about 10yr, but he did pay into it for about 13yrs - could he transfer that? Also what happens to his state pension from uk, (he`s only 40yr but thinking a head).
Thanks
Mandy
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Pensions Expert
Posts: 5
| Hello
In general, if you sell your UK property as an Australian resident, you will be taxed in Australia on the gain that has accrued since becoming an Australian resident, but this will depend on a number of factors, in particular the type of visa you are emigrating on.
There are added complications if you decide to rent out your property.
You will not be taxed if you are taking funds with you into Australia. HiFX will be able to advise on how to transfer the funds.
Your son will not be able to continue to claim UK Disability Living Allowance when you leave the UK.
Yes, your husband can transfer his private pension - we can review the existing plan and compare the estimated benefits with an estimated income in Australia.
Your state pension is based on the number of years of National Insurance contributions, and you need 30 years for a full UK state pension. Therefore if you husband has paid contributions for 20 years, he will receive 2/3rds of the state pension at retirement. It is possible to increase this by making voluntary contributions.
I hope this is of help.
Robert | |
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Member
Posts: 9
| Hi Robert,
Thanks for your advise.
As we don`t what to have all the hassle of selling our property, emigrating at the same time wanted to defer, plus our 3 remaining sons in the UK will be living in the property so we will not be renting out. Do you know what the Australian tax cost implications are defering the sale for a year? We are emigrating on the 176 visa (non sponsored)
Would it be better to sell before we go, is there any tax due then? Sorry I have worked hard for my property with no help from any one so be grudge giving any government any of my positive equity form it.
Thanks
Mandy
Edited by mandrew68 9/5/2008 7:21 PM
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| | All communications contained in this message board are 'information only' and should not be regarded as 'advice'. Only your appointed agent can provide advice as these are the requirements of the Australian Migration Act. You are advised that action taken as a result of any information received that does not come from your appointed agent may jeopardise your migration application.
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Pensions & disablity living allowance
