Originally posted by Alan Collett
> I hear what you say Geraint, and as you make a number of comments I'll
> try to hop through them in roughly the same order as they arise.
> - I can't comment on the extent to which you were involved in
> financial planning for Aussie migrants in the past. I think it fair
> to say though that the world has moved on a great deal since there
> was only one product available for pension transfers from the UK to
> Australia. I would also contend that more competition in this area
> of advice has led to better value for the consumer - better that
> than a monopoly, wouldn't you say?
> - Similarly I'm sure you are not claiming to have a monopoly on the
> depth or breadth of advice in the field of tax advice for intending
> migrants ...
> - In the case of a 410 visa there is a significant interaction between
> the migration legislation and other areas such as taxation and
> health requirements. I hesitate to make reference to the number of
> Registered Migration Agents under your employ, but I am strongly of
> the belief that advice on matters pertaining to Australian
> immigration and commentary in the same area of law should be taken
> from registered migration agents and/or immigration lawyers, as it
> is only by engaging such persons that an intending migrant can have
> recourse to a professional body should the advice in this area be
> deficient.
> - It is super if your company has been able to facilitate visa grants
> for those who have suffered the ailments noted in your last posting.
> - I know I am not alone in the belief that properly qualified tax
> advisors are best placed to give advice on tax issues - in that
> regard I am pleased to note that you have Australian qualified CAs
> working with you ... but how do they maintain their technical
> knowledge (eg through attending seminars) when taxation changes and
> policy are being developed on the other side of the world? From my
> own experience as a UK-qualified CA working in Australia I know what
> a challenge this is.
> - With regard to health cover, again I note your comments, though I
> remain of the belief that advice on available health cover in
> Australia is best taken from an advisor in Australia. So long as a
> 410 visa applicant enters into the visa process aware of the
> limitations of health cover and their potential exposure I would not
> recommend complicating matters prior to departure from the UK ...
> rather these issues should be developed with a financial advisor in
> Australia once he or she has arrived. There is a real risk of
> complicating what I would agree is an involved area - without
> wanting to over-simplify matters I believe our role as advisors is
> to manage the migration process whilst also conveying information in
> an understandable manner. This can be particularly relevant to 410-
> visa applicants, who may be older in years and less able to
> comprehend technical matters than those who are younger.
> - I can (I think) understand why you would like 410-visa applicants to
> engage a UK-based financial advisor prior to departure to consider
> financial planning and health insurance issues, but to be open with
> you I'm not persuaded that this is necessary, or indeed good value
> from the visa applicant's perspective. I'm sure you would beg to
> differ!
> At the end of the day you and I know we are coming at the tax planning
> process from a different perspective with our own reasons for so doing
> (principally commercial). I am delighted you will be contributing to
> these discussion forums, and look forward to your future postings.
> Best wishes for the New Year.
At the risk of interrupting an interesting discussion, I shall be
migrating soon on a new parent visa and consider financial planning
ahead of going essential. I am doing this myself and checking all
facts/rules etc from at least two sources. I have company pensions in
payment in the UK and my strategy is to get a part time job to allow
transfer all personal pensions to Oz, keep UK investments to below $50k,
and convert other UK investments into A$ and top up Super funds to the
RBL to take tax free in Oz.
I don't want nasty surprises by neglecting financial planning.
Regards