mdiscuz.com

 Forgot password?
 立即註冊
Search
Hot search: 活動 交友 discuz
View: 48|Reply: 0

everybodyWhat a great site

[Copy link]

143

Threads

143

Posts

465

Credits

新手上路

Rank: 1

Credits
465
QQ
Post time 2013-5-22 07:48:46 | Show all posts |Read mode
Can anyone suggest anything.
thanks for your time.

You wouldn't pay tax in Australia on all of the maturity proceeds from your endowment.

Details of the current tax rates in Australia are here:
localhost/once your assessable income is more than A$60,000 you would pay tax at 47% with a Medicare Levy of 1. I plan to take advice from Alan Collett (an accountant and migration agent who posts here regularly) nearer the time.5% on top.

Anyone help in plain English terms please. More equity to take to Oz.

As for the advice at 350.

Originally posted by Gillian D
Hello everybody

What a great site.I don't really understand it all.Hoping to go to Brisbane this year. Once that's back will put the visa application in.it says the tax element could be up to 48.

We are Gillian, Jim, Melissa (10) and Claudia (7). I am also going to contact Alan for advise when I get around to completing his questionare. Do you know any different?

Nicstids

Alan

Thanks for that. Mark's keen on Adelaide as he lived there 20 years ago and loved it.I believe that another option, if you don't need the cash now, is to make the policy fully paid up.I got a surrender value of around £16,000 quoted on a policy of mine which has another 9 years to go, supposedly to repay a mortgage of £50,000. The other is about £5000 more.

What stage are you at just now?Where and when do you hope to go?

Originally posted by Gillian D
Thanks for that.e.
karen
Hi Karen. I'm a solicitor and he's an aircraft maintenance engineer. Still if we surrender them we will get about £23000 which we'll use to pay off some of the mortgage.

Anyone help in plain English terms please. I have been looking at surrendering/selling ours now as they seem to be performing pretty dreadfully.I don't really understand it all.
Originally posted by Nicstids
Hi

One of our companies has given us details of paid-up values.

Re endowments - from what I can gather there is no point keeping these on once in Oz as you will be taxed annually in Oz on any growth in the policies and taxed again on maturity.It then runs to the original finish date but you don't make any contributions.Your insurer should provide these details for free (I think) I suppose it depends on other factors such as how much longer you have left to go on the policy, etc.

Re pensions - I understand that you have a window of 6 months
after you become Ozzie resident to decide what to do with these.

What stage are you at just now?Where and when do you hope to go?
We've just sent off hubby Mark's application for skills assessmentto the TRA.What did you do with pensions/endowments as it seems that you'll pay a lot of tax on them.Going for medicals on Tuesday 18/02. which is why so many decide to sell or surrender their endowment policies (not that this is a recommendation to do so).

I've obtained surrender values on our 2 policies - 1 is about £1000 less than we have paid into it.

Not sure where we want to go.If I make it fully paid up the value with existing bonuses is around £23,000, (plus any future growth) although I wouldn't get anything till 2012.

Hi there,

We are in the visa process, OZ by later this year no hurry at the moment, got the house on the market ETC,

As for endowments yuk get out what you can sack em allsorry to be blunt, we got rid of ours 2 years ago got the cash back we paid in but no profit and this was after 11 years of payments, what a rip off, but happy to get our money BACK the robbers .e.Have sent police forms away, but not heard anything yet.

We are Gillian, Jim, Melissa (10) and Claudia (7).

Have a look at Go Matilda and the links on there, I have found them to be very useful. I have been looking at surrendering/selling ours now as they seem to be performing pretty dreadfully.

Can anyone suggest anything.5 years to run and thought it would certainly be worth paying till maturity but the thought of giving virtually half to the aus government is sickening. All depends on the company and how long they've been running.
Hi Gillian,

Welcome to the site.

Re endowments - from what I can gather there is no point keeping these on once in Oz as you will be taxed annually in Oz on any growth in the policies and taxed again on maturity.Have sent police forms away, but not heard anything yet.Going for medicals on Tuesday 18/02.

Nicstids

Originally posted by Gillian D
Hello everybody

What a great site.it says the tax element could be up to 48.

Have a read of the factsheet that I have attached - it might give you an indication of the tax issues that may well arise if you keep a UK endowment policy, or a PEP/ISA, or a personal pension fund when you move to Australia.Hoping to go to Brisbane this year.

This issue alone can mean that it is well worth looking at a pension transfer - subject to costs of course, but the tax saved is typically significantly in excess of any fees charged by those who assist with such a transfer.
Nicstids

Hi

One of our companies has given us details of paid-up values. Have gone onto several websites to see if I can sell them for more but so far no joy. as for the 15 year saving plan, i was thinking of just keeping my account here in the u.Will keep it in mind.Rather you would probably have an exposure under the Foreign Investment Fund Rules based on the increase in the value of the policy from one Aussie tax year to the next, and you would then have a capital gains tax exposure on maturity that would be computed with reference to the value of the policy on the date that you become a tax resident of Australia, less amounts already taxed under the FIF Rules.
Originally posted by karenvirginia
alan, i read the attachment and feel rather alarmed.

Hope this helps.
karen

Nic,

You should also be aware that a pension fund transferred from the UK into an Australian super fund is received as what is called an undeducted contribution.Have been quoted £350 fee just to discuss finances - but if I pay any more fees for anything I won't have any finances left to discuss.
is that a good idea anyone??
Hi

I have been looking at this recently.Will keep it in mind.

I've obtained surrender values on our 2 policies - 1 is about £1000 less than we have paid into it. More equity to take to Oz.
Nicstids
Thanks for that.Everyone seems so friendly and all going through the same thing.

All of which is a bit involved .Everyone seems so friendly and all going through the same thing.

I'm on the point of a nervous breakdown with all the things to do - ie sell house, car, arrange removals, sort out money, pensions and endowments. We have to apply now though since he's 45 next year.Have been quoted £350 fee just to discuss finances - but if I pay any more fees for anything I won't have any finances left to discuss.

Please feel able to mail me directly if you want further information from the people that we work with in the context of pension transfers .5 years to run and thought it would certainly be worth paying till maturity but the thought of giving virtually half to the aus government is sickening.

I'm on the point of a nervous breakdown with all the things to do - ie sell house, car, arrange removals, sort out money, pensions and endowments. The thing that puts me off this option is that I understand that you would be taxed in Aus on the proceeds at maturity i.

Hope this helps. the whole point of the proceeds being tax free in UK is no longer any benefit once you are Aus resident. I'd rather cut our losses now and then pay what we would have paid in premiums into our mortgage and pay it off a bit faster.What did you do with pensions/endowments as it seems that you'll pay a lot of tax on them.

I raised a query regarding endowments recently and nobody replied Boring subject but potentially could cost us a lot of money as I understand it.i need to get up to date figures of our policies i think before we make any decisions!
karen
Reply

Use magic Report

Advanced Mode
B Color Image Link Quote Code Smilies

Points Rules

Archiver|mdiscuz

2017-6-27 16:36 GMT+8 , Processed in 0.208366 second(s), 34 queries , Gzip On.

Get a Discuz Forum

Powered by Discuz! X3

Quick Reply To Top Return to the list