Moving from the UK to Australia
If you decide to repatriate to Australia, you may find yourself asking yourself some of the following questions:
- Will I have to pay Australian tax on foreign currency holdings after I have moved to Australia? If so, how much?
- How will my premium bonds be taxed when I move to Australia?
- How will my Individual Savings Accounts (ISAs) be taxed in Australia when I repatriate? Should I retain these investments for the long term or redeem before departing the UK?
- How will my employee share scheme (ESS) entitlements be taxed if I retain them after returning to Australia?
- How will my employee share scheme (ESS) entitlements be taxed if I retain them after returning to Australia?
- How will my principal place of residence in the UK be treated for tax purposes in the UK if I retain the property after moving to Australia? How will the Australian tax treatment be in respect of this property?
- How will my UK investment property be treated for UK and Australian tax purposes after I move to Australia?
- Should I sell my UK investment property before or after I leave the UK? How much capital gains tax will I have to pay in each case?
- If I pay tax in the UK and Australia, do I get taxed twice or is there a mechanism for tax relief?
- Under what circumstances can I transfer my UK pension to Australia? Is it tax effective to do so?
- At what age can I access my UK pension?
- Will my UK State Pension be taxed in the UK or Australia or both? What are the international tax rules that apply to the UK State Pension?
- Given the different tax year ends, is there an optimal time to move to Australia in terms of change of tax residence?
- How does the UK inheritance tax IHT) system work and under what circumstances would we have to pay IHT?
- What strategies can we use to mitigate or eliminate a future IHT liability?
- Will the proposed changes by the UK government affect us? If so, how?
- What happens if I’m tax resident in both the UK and Australia at the same time?
- What is the best way to save for my retirement once I have returned to Australia?
Together with our UK tax partner, Fairway Tax, Majenda Australia Pty Ltd is able to answer all of the above questions.
In fact, we have a comprehensive Relocation to Australia Tax Planning advice service which can be tailored to your specific needs.
Get in Touch
Contact our friendly team for more information regarding our services and the best way that we can assist you.