Moving to Australia as perement resident

🤝 Help
1

I have just opened a trading 212 account and plan on getting my act together and starting to invest long term.

I am also moving to Australia within the next 12-24 months.

My question is, onced set up in Australia as a tax resident there, am I liable to any UK taxes on investments I make just now or is it only in the country I am resident in?

I am not investing in any ISAs so don’t have that issue.

Should I wait until I am in Australia and change address and start then or am I good to go from now and asking a really stupid question!?

Any help would really appreciated, obviously pretty fresh on this sort of thing!

Jamie

2

You need to look at the 2003 Double Taxation Convention between Australia and the UK to see what tax rules apply to you.

Usually if you pay tax in one jurisdiction, you get a tax credit for that amount in the other location

3

Thanks very much for your reply!

Thats brilliant info and have seen that that’s the case between UK and Australia.

That’s actually helped clarify my question I think!

I assume that any income earned on my account and investments while I am a tax resident in Australia would no longer be relevant to the UK and would just be taxed under Australian tax legislation? The income between now and the move if not realised would be the same?

Does this sound right?

Sorry if these are daft questions, just looking to pick brains of people that are in the thick of this. Trying to level up my game!

Will be getting proffessional advice from accountant as well before the move as selling a house with a good bit of equity and wrapping up a self employed business as well.

Thanks again,
Jamie

4

Hi mate, you’re in the exact same position as I am. Would love to hear what you ended up doing as I’m also keen to start building a portfolio in a non-ISA account before I move to Aus. Thanks!

5

Why not build it in an ISA anyway whilst you are still a UK resident?
It may be useful if you ever return to the UK.

6

You can invest in more than one country so if you are living in Australia and made some investment in UK and earned money above tax threshold then you are responsible to file tax return and pay it otherwise interpol will follow you and. Make you pay not only tax owed but additional costs and fines. So be careful very careful