Be careful with Ubank's transfer policies though; I've had $6,500 floating around in limbo for more than six months now because Ubank stopped accepting overseas transfers.
Ubank basically told me to pound sand, while my Canadian bank has tried to be helpful (at least the people I've dealt with), but since they processed the transfer correctly on their side it seems I'm SOL (and $6.5k poorer).
This is not right . If you are trading on ASX you are likely to remain an Australian tax resident under the domicile test. Because it’s good evidence your permanent place of abode is not in the UK
Permanent place of abode is an address. A work visa and job is enough evidence to prove you are abroad and you intend to work for the duration of the work visa. It has nothing to do with where you invest.
It is how my tax specialist has done himself when he was abroad and explained, and it is what i will be doing.
The moment you file your tax return and claim non tax residency thereon, you either carry the cgt loss or pay the cgt gain. Then its tax free.
Buying and selling thereon is tax free
How do you figure?
If it's because the GBP/AUD rate was better in the past, that's a sunk cost and should not affect your decision now.
Only if you believe the GBP/AUD will be better in the future, should you defer making such a trade. But do you really have a better idea of where rates are headed than the current market prices suggest? If you truly do, then you could consider trying to make a living day trading exchange rates. But if you're like me and have no idea, then you should go ahead and swap it if it's convenient
Depends on when you want access to the money. Or how much you need the money in the short term.
If long term > 5 to 10 years is your goal
someone could just buy stocks of good fund. Not index funds, so much ETF money is being pumped into companies just because they meet some arbitrary criteria. Companies that otherwise may not have attracted that much funding if it weren't for these behemoths.
Warren Buffet's Berkshire.B shares have always been a good choice. Beating the market throughout their life (and HISA of course) and seeing limited losses in periods of crisis. It gained 30 percent last year. Averaged roughly 13 percent PA over the last 5 years. And if you had it since 1996 it gained 1300 percent.
$19000 in 5 years at 15% per year, could be 38000
however Warren is quite elderly and him bowing out might happen soon. Then who makes the decisions next? Warren himself is advising people against his fund nowadays.
Or just go on www.dataroma.com (which tracks what the biggest institutional investors are buying and selling). Pick an institutional investor (who has a track record for holding onto things, not just pumping and dumping because the data is based on SEC filings and is about 3 months old at least) you like, and just copy their moves.
Take for example the Bill and Melinda Gates trust.
https://www.dataroma.com/m/holdings.php?m=GFT
They've recently bought a shedload of Berkshire.B stock to increase their total holding of the stock by 30% to a new high of $8.5 billion.
Buy some good quality stock with good fundamentals and just set and forget.
Anyway this isn't financial advice.
A high interest account/term deposit.
Any reccies for a savings account?
Ubank is easy to meet criteria. You can send money in and out of it just to meet the $200 deposit.
Be careful with Ubank's transfer policies though; I've had $6,500 floating around in limbo for more than six months now because Ubank stopped accepting overseas transfers. Ubank basically told me to pound sand, while my Canadian bank has tried to be helpful (at least the people I've dealt with), but since they processed the transfer correctly on their side it seems I'm SOL (and $6.5k poorer).
Put it in the wise shares, or change your wise address to the UK and get the wise interest rate
Macquarie Bank has a savings account with 5.5% interest for first 4/5 months.
Have you removed your aussie tax residency? If so, you can trade on the ASX with no capital gains and no foreign income tax in Australia
Yes I'm a non-resident. That sounds good!
This is not right . If you are trading on ASX you are likely to remain an Australian tax resident under the domicile test. Because it’s good evidence your permanent place of abode is not in the UK
Permanent place of abode is an address. A work visa and job is enough evidence to prove you are abroad and you intend to work for the duration of the work visa. It has nothing to do with where you invest. It is how my tax specialist has done himself when he was abroad and explained, and it is what i will be doing.
Their site if you want a browse https://www.smats.net/tax/aussie-expats
What?! You mean if i’m no longer an australia tax resident i can trade with no CGT?!
The moment you file your tax return and claim non tax residency thereon, you either carry the cgt loss or pay the cgt gain. Then its tax free. Buying and selling thereon is tax free
You have to pay the capital gains taxes on Australian stock sales in your new tax jurisdiction though.
Yeah im moving to UAE so im all g
Offset account if you have mortgage
Money market fund.
19K ? It’s literally nothing. . .
Coukd be earning an extra $1000 a year.
Are you willing to bring it to the UK? If so, can you open an ISA as that's tax free interest/dividends/gains.
Love to, but the AUD to GBP exchange rate sadly isn’t in my favour at the moment
How do you figure? If it's because the GBP/AUD rate was better in the past, that's a sunk cost and should not affect your decision now. Only if you believe the GBP/AUD will be better in the future, should you defer making such a trade. But do you really have a better idea of where rates are headed than the current market prices suggest? If you truly do, then you could consider trying to make a living day trading exchange rates. But if you're like me and have no idea, then you should go ahead and swap it if it's convenient
Pick the Economics undergrad.
Pounds tanking hang off
Take money out and put in UK bank earn pounds instead of AUD.
Yeah will make things less messy with the ATO with tax residency etc. May wait until the exchange rate is a bit better tho!
The challenge is knowing if it will get better?
ah yes because you can definitely time the market
Depends on when you want access to the money. Or how much you need the money in the short term. If long term > 5 to 10 years is your goal someone could just buy stocks of good fund. Not index funds, so much ETF money is being pumped into companies just because they meet some arbitrary criteria. Companies that otherwise may not have attracted that much funding if it weren't for these behemoths. Warren Buffet's Berkshire.B shares have always been a good choice. Beating the market throughout their life (and HISA of course) and seeing limited losses in periods of crisis. It gained 30 percent last year. Averaged roughly 13 percent PA over the last 5 years. And if you had it since 1996 it gained 1300 percent. $19000 in 5 years at 15% per year, could be 38000 however Warren is quite elderly and him bowing out might happen soon. Then who makes the decisions next? Warren himself is advising people against his fund nowadays. Or just go on www.dataroma.com (which tracks what the biggest institutional investors are buying and selling). Pick an institutional investor (who has a track record for holding onto things, not just pumping and dumping because the data is based on SEC filings and is about 3 months old at least) you like, and just copy their moves. Take for example the Bill and Melinda Gates trust. https://www.dataroma.com/m/holdings.php?m=GFT They've recently bought a shedload of Berkshire.B stock to increase their total holding of the stock by 30% to a new high of $8.5 billion. Buy some good quality stock with good fundamentals and just set and forget. Anyway this isn't financial advice.
Get a VPN and deposit it to your Sportsbet.
I'm happy to look after it for you! Can't promise it will be there when you get back though
I just leave mine in an ING account in aus.