Runt

The guy at my work who got me onto this migration to Australia mularkey
saw Geraint earlier this year - says he paid nearly £500 for some
fairly obvious advice and was asked for more money to do anything more.
Quite alot of money actually.



The meeting venue was a sordid flat in Edinburgh.His advice - dont touch
Montfort -



As an accountant myself looking over the guff sent to him by Geraint
Davies - I have to say I have never read so much utter drivel - padded
out and stating the bleeding obvious!



I will be speaking to some people in Australia who will put me in touch
with financial experts...

Gld

You are not interrupting an interesting topic.



Some guidelines



Checking the rules depends on knowing what to look for.



From your comment, I will be posting a commentary on how you can come
unstuck with hidden charges. The issue of the exchange rate can be
dealt with if the pensions are structured properly and the UPP is of
consequence.



If you are worried about the RBL then much, much more information is
needed don't foregt the IHT implication on transfer.



That A$50K can be a catch and watch the cash issue - there can be tax.



Some might say leave till after you arrive. Handling these issues pre-
departure can be rewarding.



Kind Regards





Geraint



www.miplc.co.uk









Originally posted by jumbo

    > 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

Gld

Alan

Pensions are now in the thread?. Happy to respond, so long as I don’t
get ticked off for length. Another thread on pension charges coming!
You emphasise post-departure advice, I disagree.

-Your response I feel confirms how substantial subject of migration
planning is & why our emphasis is on planning pre-departure, though you
say it should be post. Some ideas at foot of this note, could benefit
pre-departure devotees – who should of course check the licence that the
advice is given under – UK in UK and Oz in Oz;

-Problem with post is that its too late once you've gone, as has any pre-
departure opportunity. Advice is check – if you need it pre - good
news! If you don’t good news! Where can the migrant lose?

-I know of no business where advice is recommended post event,
accounting especially. Surely advice is at the start, during & at the
end / beginning of the new life? Look at IHT, CGT (& pension issues –
see new thread) & other issues see foot of this contribution.

-Your comment on competition & one product is bewildering I've seen what
one horse options are being given to migrants.

- Our background on financial planning for Aussie migrants is made known
to all who come into contact with us, without fail. Hence why so many
people choose to use us & our team of experts. We go to some length
to mention this in all our consultations, besides which prominent
evidence of our newspaper coverage is for all to see who come to our
offices or into contact with us. You surprise me that you are not
aware of our background.

As regards depth or breadth of advice – merely responding to your
comment re: your vested interest – you placed it at the end of
your reply;

-As regards migration agents under our employ. Where did that come from?
We are not a Migration Agent. We do have Registered Migration Agents
who we use, who in turn use ourselves & we co-ordinate between us
migration processes, i.e. its not just getting a visa but total
migration experience & what it truly entails.

-All Registered Migration Agents who we recommend have many, many years
migration experience. Because of their depth of knowledge – we don’t
need to be agents – we have what we need to know, if I don’t then I ask.
They too also do not have necessarily all the skills to handle a
migrants move – so they ask when expertise is needed.

-Taken as read as regards professional bodies. We work ever closer
union with Registered Migration Agents we recommend– because they
increasingly recognise as we do that on one person or firm or profession
has a mortgage on advice. Hence the integrated approach & why we aim to
work closely with the migrant, migration agent & other professions.
Migration is not just about visas.

-A short note on pensions may help at this stage, Pension specialists
are a rare breed, it’s a regulated activity it means only those advisors
who are UK registered can give advice on pension transfers pre-departure
which gets back to the hidden costs which I have covered in a new thread
away from 410’s;

Indeed the tax & accounting issue is a major one. Our number one tax
specialist has held senior positions in the Big 4 or 5 or 6 or 7 or
whatever the number is, latterly as the Director of International
Taxation of one of them. He is Australian, has been an accountant as
such for 24 years – he sits but 5 yards from me every day of the week.
In fact I personally have addressed both Australian accounting bodies of
Australia in London. We together have for the last few years presented
to the ICAA. We have been invited back in 2004. They indeed have
found difficulty in keeping up their knowledge – hence why we keep on
being called in. Today for quite a few we now provide a dual role of
accountant \ financial advisors – depending who is handling which aspect
of the business;

The medical insurance issue requires an integrated approach – its got to
be done properly. You understandably may not be aware to what extent we
work with the Medical Insurance people in Oz. They are a fundamental
part of our team – they see much has to be done pre-departure. Medical
Insurance must of course be in place pre-departure for 410’s – but the
right one. I am not sure why you feel that we are not using medical
insurance specialists

The specialists in Australia design medical insurance packages,
ancillaries & factor in exclusions & excesses, etc. Boy are, there some
variances – which really do ask questions of those who get advice post-
departure. Pre-departure carries my vote any day – so we cannot
understand your perspective on this – especially with the types of cover
involved and pre-existing conditions. We have indeed arranged
appropriate cover for all sorts of people with all sorts of conditions;

410’s understand health is a major factor, they must prepare properly
especially when they have no resort to local benefits or funding –
those who plan properly do so without committing to selling for example
a house first. It can be a very expensive mistake to find you should
not have moved because your health cover was lacking and you end up
footing the bill.

The retired in particular need certainty – a certainty that is
essential. If they are not able to comprehend the complex issues – then
all must be done in order that they might. And this must be surely pre-
departure or am I missing something? Surely complication is to be
avoided and if it is present tackled appropriately not buried. Ultimate
complication is when one goes without getting UK end sorted ending up
with all sorts of left over issues.

As regards advice pre-departure or post-departure, not all need advice
pre-departure just most. And in the words of the Australian Tax
Payers Charter.

- “Treating you fairly and reasonably we will expect you to pay
only what’s correctly payable under the law.



And what does this mean? At all times individual has the right to
minimise his liabilities by planning his or affairs appropriately –
don’t we all? We though have seen many opportunities that this can be
done for the migrant, whether it be CGT or LAFHA or Pensions or re-
location expenses claimed – many opportunities of which are lost once
you have left. Vote for Pre it invariably makes sense combined with
quality post!

Happy New Year

Geraint



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.

Alan Collett

Geraint,



Thank you for your detailed reply. I'll try to keep my response
reasonably concise.



- I think there is a place for advice on tax, medical insurance
issues, etc before one makes a final decision to move to Australia.
That's why we give advice on the tax (and other) issues pertaining
before people move to Australia where possible, particularly where
we are engaged to handle visa applications as well as giving advice
on tax planning.



- Practically I maintain it also makes sense to ensure one has a
financial advisor who understands the points at issue, and who resides
close to the location where one will be living to implement such
strategy/ies as are appropriate, as such an advisor is usually the
person with whom one will be working in the period after one has
arrived in Australia.



- I also maintain that there is a limited amount that can be achieved
pre-departure from the UK that cannot be achieved with a financial
planner in Australia.



- I leave others to comment on the benefits of firms of advisors other
than your own involved in the migration tax advice process (some
have already).



- My comment about having a vested interest also had this at the end of
the sentence ... :-)) I believe this is called an "emoticon"; can I
suggest that you might investigate "netiquette" so that you understand
the reason as to why I put this? In short, the sentence wasn't a
comment about your competencies.



- I believe that if one isn't au fait with Australian migration law and
working in this area on a daily basis there is a risk one might not be
aware of the implications of the tax consequences of a visa decision
and vice versa: both areas of law change often and at short notice -
one needs to be able to understand the consequences of such changes
quickly if one is to give up to date and relevant advice. Note that
I'm not claiming a monopoly on this knowledge, but it most certainly
helps in giving full and relevant advice if one has this expertise.



- Also, where possible, it makes sense (in my humble view) to have
knowledge of a client's plans from the early decision to migrate - see
also my comment above regarding Go Matilda's visa clients.



- To be honest with you I can't easily understand much of the last half
of your posting (if you don't mind me saying), and as such it isn't
easy to respond, save to say that much of it seems to be general
comments with which most would concur.



Maybe others can come into this discussion with their thoughts?



Best regards.







Originally posted by gld

    > Alan

    > Pensions are now in the thread?. Happy to respond, so long as I don’t
    > get ticked off for length. Another thread on pension charges coming!
    > You emphasise post-departure advice, I disagree.

    > -Your response I feel confirms how substantial subject of migration
    > planning is & why our emphasis is on planning pre-departure, though
    > you say it should be post. Some ideas at foot of this note, could
    > benefit pre-departure devotees – who should of course check the
    > licence that the advice is given under – UK in UK and Oz in Oz;

    > -Problem with post is that its too late once you've gone, as has any
    > pre-departure opportunity. Advice is check – if you need it pre -
    > good news! If you don’t good news! Where can the migrant lose?

    > -I know of no business where advice is recommended post event,
    > accounting especially. Surely advice is at the start, during & at the
    > end / beginning of the new life? Look at IHT, CGT (& pension issues –
    > see new thread) & other issues see foot of this contribution.

    > -Your comment on competition & one product is bewildering I've seen
    > what one horse options are being given to migrants.

    > - Our background on financial planning for Aussie migrants is made
    > known to all who come into contact with us, without fail. Hence why
    > so many people choose to use us & our team of experts. We go to
    > some length to mention this in all our consultations, besides which
    > prominent evidence of our newspaper coverage is for all to see who
    > come to our offices or into contact with us. You surprise me that
    > you are not aware of our background.

    > As regards depth or breadth of advice – merely responding to your
    > comment re: your vested interest – you placed it at the end of
    > your reply;

    > -As regards migration agents under our employ. Where did that come
    > from? We are not a Migration Agent. We do have Registered Migration
    > Agents who we use, who in turn use ourselves & we co-ordinate between
    > us migration processes, i.e. its not just getting a visa but total
    > migration experience & what it truly entails.

    > -All Registered Migration Agents who we recommend have many, many
    > years migration experience. Because of their depth of knowledge – we
    > don’t need to be agents – we have what we need to know, if I don’t
    > then I ask. They too also do not have necessarily all the skills to
    > handle a migrants move – so they ask when expertise is needed.

    > -Taken as read as regards professional bodies. We work ever closer
    > union with Registered Migration Agents we recommend– because they
    > increasingly recognise as we do that on one person or firm or
    > profession has a mortgage on advice. Hence the integrated approach &
    > why we aim to work closely with the migrant, migration agent & other
    > professions. Migration is not just about visas.

    > -A short note on pensions may help at this stage, Pension specialists
    > are a rare breed, it’s a regulated activity it means only those
    > advisors who are UK registered can give advice on pension transfers
    > pre-departure which gets back to the hidden costs which I have covered
    > in a new thread away from 410’s;

    > Indeed the tax & accounting issue is a major one. Our number one tax
    > specialist has held senior positions in the Big 4 or 5 or 6 or 7 or
    > whatever the number is, latterly as the Director of International
    > Taxation of one of them. He is Australian, has been an accountant as
    > such for 24 years – he sits but 5 yards from me every day of the week.
    > In fact I personally have addressed both Australian accounting bodies
    > of Australia in London. We together have for the last few years
    > presented to the ICAA. We have been invited back in 2004. They
    > indeed have found difficulty in keeping up their knowledge – hence why
    > we keep on being called in. Today for quite a few we now provide a
    > dual role of accountant \ financial advisors – depending who is
    > handling which aspect of the business;

    > The medical insurance issue requires an integrated approach – its got
    > to be done properly. You understandably may not be aware to what
    > extent we work with the Medical Insurance people in Oz. They are a
    > fundamental part of our team – they see much has to be done pre-
    > departure. Medical Insurance must of course be in place pre-departure
    > for 410’s – but the right one. I am not sure why you feel that we are
    > not using medical insurance specialists

    > The specialists in Australia design medical insurance packages,
    > ancillaries & factor in exclusions & excesses, etc. Boy are, there
    > some variances – which really do ask questions of those who get advice
    > post-departure. Pre-departure carries my vote any day – so we cannot
    > understand your perspective on this – especially with the types of
    > cover involved and pre-existing conditions. We have indeed arranged
    > appropriate cover for all sorts of people with all sorts of
    > conditions;

    > 410’s understand health is a major factor, they must prepare properly
    > especially when they have no resort to local benefits or funding –
    > those who plan properly do so without committing to selling for
    > example a house first. It can be a very expensive mistake to find you
    > should not have moved because your health cover was lacking and you
    > end up footing the bill.

    > The retired in particular need certainty – a certainty that is
    > essential. If they are not able to comprehend the complex issues –
    > then all must be done in order that they might. And this must be
    > surely pre-departure or am I missing something? Surely complication
    > is to be avoided and if it is present tackled appropriately not
    > buried. Ultimate complication is when one goes without getting UK end
    > sorted ending up with all sorts of left over issues.

    > As regards advice pre-departure or post-departure, not all need advice
    > pre-departure just most. And in the words of the Australian Tax
    > Payers Charter.

    > - “Treating you fairly and reasonably we will expect you to pay
    > only what’s correctly payable under the law.


    > And what does this mean? At all times individual has the right to
    > minimise his liabilities by planning his or affairs appropriately –
    > don’t we all? We though have seen many opportunities that this can be
    > done for the migrant, whether it be CGT or LAFHA or Pensions or re-
    > location expenses claimed – many opportunities of which are lost once
    > you have left. Vote for Pre it invariably makes sense combined with
    > quality post!

    > Happy New Year

Geraint

Rgregan

I spelt this wrong in my last post.

Alan Collett

Jumbo,



I quote from a letter from the ATO letter to me dated the 6th of
November, 2003 regarding the small investor exemption (I have omitted a
few elements to the letter which don't appear to be relevant to your
question):



"The small investor exemption provides an exemption from taxation under
the FIF measures for natural persons (other than trustees) with small
levels of offshore investments. Where the total of the taxpayer's
interests, together with the interests of associates, in foreign
companies, trusts and life policies is not more than A$50,000 the FIF
taxation provisions will not apply to the taxpayer's investments.



In addition, if the interests of the natural person (other than a
trustee) and associates in foreign companies, trusts and life policies
and interests in resident public unit trusts do not exceed A$50,000 the
impact of the FIF taxation provisions will not apply in calculating the
taxpayer's share of net income of the resident public unit trust.



The taxpayer may apply one or both of these tests at the end of the
year of income to determine what interests (if any) are excluded from
FIF taxation.



If the interests exceed A$50,000 under both tests then the exemption is
not available.



Qualification for the small investor exemption is determined on the sum
of the values of all the FIF interests the taxpayer and their associates
hold. The language if this exemption does not allow it to apply to the
balance of non-exempt FIFs after the other exemptions have been tested.



Where the small investor exemption is not available other exemptions
may apply."



Hopefully this helps, but if you would like to discuss your situation
further please send me an email.



Best regards.





Originally posted by jumbo

    > Thanks for all your comments.

    > On the subject of $50k FIF interests: it does include both FIF and Oz
    > public unit trusts. But if you look at the example on p9 of the 1997-
    > 98 FIF guide (which I believe is the latest) then you will see that
    > the exemption (from FIF measures) applies provided that the FIFs are
    > $50k or less even though the combined interests are greater than $50k.

    > However the exemption does not apply to the interest in resident
    > public unit trusts unless the combined figure is less than $50k.


    > On this basis my assumption is that I can keep UK FIF funds up to the
    > value of $50k - irrespective of the value of any public unit trust interests-
    > and not declare it in Oz tax returns.


    > I will be most interested to hear of "hidden traps" mentioned
    > earlier. My own experience of UK finacial advisers is not good which
    > is why I want to be clear myself about the relevant rules which will
    > apply in Oz.


    > Looking forward to replies or comments.


Regards

Cherry6

Originally posted by gld

    > Alan

    > Pensions are now in the thread?. Happy to respond, so long as I don’t
    > get ticked off for length. Another thread on pension charges coming!
    > You emphasise post-departure advice, I disagree.

    > -Your response I feel confirms how substantial subject of migration
    > planning is & why our emphasis is on planning pre-departure, though
    > you say it should be post. Some ideas at foot of this note, could
    > benefit pre-departure devotees – who should of course check the
    > licence that the advice is given under – UK in UK and Oz in Oz;

    > -Problem with post is that its too late once you've gone, as has any
    > pre-departure opportunity. Advice is check – if you need it pre -
    > good news! If you don’t good news! Where can the migrant lose?

    > -I know of no business where advice is recommended post event,
    > accounting especially. Surely advice is at the start, during & at the
    > end / beginning of the new life? Look at IHT, CGT (& pension issues –
    > see new thread) & other issues see foot of this contribution.

    > -Your comment on competition & one product is bewildering I've seen
    > what one horse options are being given to migrants.

    > - Our background on financial planning for Aussie migrants is made
    > known to all who come into contact with us, without fail. Hence why
    > so many people choose to use us & our team of experts. We go to
    > some length to mention this in all our consultations, besides which
    > prominent evidence of our newspaper coverage is for all to see who
    > come to our offices or into contact with us. You surprise me that
    > you are not aware of our background.

    > As regards depth or breadth of advice – merely responding to your
    > comment re: your vested interest – you placed it at the end of
    > your reply;

    > -As regards migration agents under our employ. Where did that come
    > from? We are not a Migration Agent. We do have Registered Migration
    > Agents who we use, who in turn use ourselves & we co-ordinate between
    > us migration processes, i.e. its not just getting a visa but total
    > migration experience & what it truly entails.

    > -All Registered Migration Agents who we recommend have many, many
    > years migration experience. Because of their depth of knowledge – we
    > don’t need to be agents – we have what we need to know, if I don’t
    > then I ask. They too also do not have necessarily all the skills to
    > handle a migrants move – so they ask when expertise is needed.

    > -Taken as read as regards professional bodies. We work ever closer
    > union with Registered Migration Agents we recommend– because they
    > increasingly recognise as we do that on one person or firm or
    > profession has a mortgage on advice. Hence the integrated approach &
    > why we aim to work closely with the migrant, migration agent & other
    > professions. Migration is not just about visas.

    > -A short note on pensions may help at this stage, Pension specialists
    > are a rare breed, it’s a regulated activity it means only those
    > advisors who are UK registered can give advice on pension transfers
    > pre-departure which gets back to the hidden costs which I have covered
    > in a new thread away from 410’s;

    > Indeed the tax & accounting issue is a major one. Our number one tax
    > specialist has held senior positions in the Big 4 or 5 or 6 or 7 or
    > whatever the number is, latterly as the Director of International
    > Taxation of one of them. He is Australian, has been an accountant as
    > such for 24 years – he sits but 5 yards from me every day of the week.
    > In fact I personally have addressed both Australian accounting bodies
    > of Australia in London. We together have for the last few years
    > presented to the ICAA. We have been invited back in 2004. They
    > indeed have found difficulty in keeping up their knowledge – hence why
    > we keep on being called in. Today for quite a few we now provide a
    > dual role of accountant \ financial advisors – depending who is
    > handling which aspect of the business;

    > The medical insurance issue requires an integrated approach – its got
    > to be done properly. You understandably may not be aware to what
    > extent we work with the Medical Insurance people in Oz. They are a
    > fundamental part of our team – they see much has to be done pre-
    > departure. Medical Insurance must of course be in place pre-departure
    > for 410’s – but the right one. I am not sure why you feel that we are
    > not using medical insurance specialists

    > The specialists in Australia design medical insurance packages,
    > ancillaries & factor in exclusions & excesses, etc. Boy are, there
    > some variances – which really do ask questions of those who get advice
    > post-departure. Pre-departure carries my vote any day – so we cannot
    > understand your perspective on this – especially with the types of
    > cover involved and pre-existing conditions. We have indeed arranged
    > appropriate cover for all sorts of people with all sorts of
    > conditions;

    > 410’s understand health is a major factor, they must prepare properly
    > especially when they have no resort to local benefits or funding –
    > those who plan properly do so without committing to selling for
    > example a house first. It can be a very expensive mistake to find you
    > should not have moved because your health cover was lacking and you
    > end up footing the bill.

    > The retired in particular need certainty – a certainty that is
    > essential. If they are not able to comprehend the complex issues –
    > then all must be done in order that they might. And this must be
    > surely pre-departure or am I missing something? Surely complication
    > is to be avoided and if it is present tackled appropriately not
    > buried. Ultimate complication is when one goes without getting UK end
    > sorted ending up with all sorts of left over issues.

    > As regards advice pre-departure or post-departure, not all need advice
    > pre-departure just most. And in the words of the Australian Tax
    > Payers Charter.

    > - “Treating you fairly and reasonably we will expect you to pay
    > only what’s correctly payable under the law.


    > And what does this mean? At all times individual has the right to
    > minimise his liabilities by planning his or affairs appropriately –
    > don’t we all? We though have seen many opportunities that this can be
    > done for the migrant, whether it be CGT or LAFHA or Pensions or re-
    > location expenses claimed – many opportunities of which are lost once
    > you have left. Vote for Pre it invariably makes sense combined with
    > quality post!

    > Happy New Year

    > Geraint



What a load of waffle! Do you realise that you are putting people off
using your business with all the flowery language you are using? If I
needed any financial advice you are the last company on earth I would
bother with, and that decision is based purely on reading your posts. Do
yourself a favour and learn to condense!

Gld

Jumbo



When examining FIF's



Some personal retirement schemes are caught some are not.



Some occupational schemes may on the surface get the exemption - but may
lose it because of a change to the terms;



Some shares can get caught.



Even some life policies which appear to be exempt under the 4 FLP exempt
categories are caught;



Care should also be exercised with any of these as they can trigger an
exposure to other taxing issues.



Your exposure depends on the mix - check to see if you have any mis-
selling issues - as that can cause other tax implications.



Read Page 3, Column 1, Para 1







Geraint



www.miplc.co.uk







QUOTE]Originally posted by jumbo

Thanks for all your comments.

On the subject of $50k FIF interests: it does include both FIF and Oz
public unit trusts. But if you look at the example on p9 of the 1997-98
FIF guide (which I believe is the latest) then you will see that the
exemption (from FIF measures) applies provided that the FIFs are $50k or
less even though the combined interests are greater than $50k.

However the exemption does not apply to the interest in resident public
unit trusts unless the combined figure is less than $50k.



On this basis my assumption is that I can keep UK FIF funds up to the
value of $50k - irrespective of the value of any public unit trust interests-
and not declare it in Oz tax returns.



I will be most interested to hear of "hidden traps" mentioned earlier.
My own experience of UK finacial advisers is not good which is why I
want to be clear myself about the relevant rules which will apply in Oz.



Looking forward to replies or comments.



Regards

Lilith

Geraint,

I understand what you are trying to accomplish here: soliciting leads
for your financial advice business. However, as a long-time observer
who has benefited from people's kind input on this forum, I find your
style quite abrasive, and unnecessarily condescending.

Your potential clients are most likely well-to-do retirees who didn't
get there by being stupid, so don't assume that they don't know the
basics. They didn't get there by parting with their time or money too
casually, so if you have something useful to offer, make your point
and move on.

If you would just stick around long enough and provide precise and
concise input to those who seek advice, like the good ole folks Allen
and Jeremy did, you may one day end up with a pool of enthusiastic
clients.

Runt

here here