March, Issue #
Welcome to the March 2017 Pomsinoz Newsletter
A warm welcome to
everyone who's registered on the forum since our last
newsletter (which admittedly, was quite a while ago now!) .
If you've only recently joined Pominoz.com and haven't made
a post yet, then why not stop by and say hello.
This month, we've got details of our new look forum,
articles on money transfers and pension transfers, details
of the forthcoming annual Meet Up in Perth, migration news
and a competition.
All the Best
Forum revamped and refreshed
This month we moved the forum to a new software platform -
the first major upgrade in the last 10 years.
The improvements include:
If you have any questions about the forum, visit our Q & A
- The forum now has a fully responsive web design
ensuring that all pages display well on all devices -
mobile, tablets, desktop etc.
- Security - the entire site is now served via https.
This adds a blanket of security over the connection
between members and the website (Secure Sockets Layer
and Transport Layer Security). This connection encrypts
data to prevent eavesdropping, protects the integrity of
data to prevent corruption in transfer, and provides
authentication to ensure communication only with the
intended website. Additional security features include
the ability for members to implement 'Two Factor
- Better gallery & blog features
- A redesign of the forum taxonomy with more focus on
the migration/visa section.
- Many more features & upgrades ! and the forum is now
running on a brand new server, ensuring a faster & more
Perth Meet Up - 09th April 2017
are delighted to announce that once again, Moneycorp
have agreed to sponsor this years Perth Meet Up.
The meet up is on the 09th April between 1pm - 3pm at the
'The Boheme' Bar & Restaurant in the city.
If you would like to attend please add your name to
this topic on pomsinoz then we have a rough idea how
many to cater for. Food and drinks will be provided.
It is a great way to meet new people and make some really
good friends. Everyone who attended in the past has gone
away after making some great contacts and friends. Some have
managed to find work through the meet ups, others have found
friends for their children. Yes, the event is child
Please put the date in your diaries and once again join me
in thanking John From Moneycorp for his continued support.
Are you transferring money to or from Australia?
John Kinghorn from moneycorp
Save money with foreign exchange experts moneycorp
If you are sending money overseas, regardless of the amount,
it is important to get best deal on your international money
transfers. The traditional way of sending money abroad using
your high street bank is increasingly being challenged by
specialised foreign exchange companies such as moneycorp.
Banks don’t typically offer the most competitive exchange
rates and can often charge higher fees for making overseas
transfers – meaning your transfer could end up costing a lot
more than expected. Whether you are in the process of moving
to Australia or are there already then moneycorp can help.
Exchange rates and expert guidance
The two main benefits of using moneycorp are the exchange
rate you will receive and the guidance you will get on the
pound/Australian dollar from your personal account manager.
The exchange rate offered by moneycorp can be up to 4%
better than your bank, helping you get more Australian
dollars for your pounds. The expert guidance from your
Account Manager is also crucial when transferring money to
or from Australia. This is because the exchange rate is
always moving; this makes the timing of your transfers
No transfer fees for forum members
Poms in Oz forum members do not pay transfer fees when
sending money overseas. While a bank may charge £20-£40
every time money is moved overseas, at moneycorp you won’t
pay any transfer fees when making your international
Get started – save money today
The first step is to register for a free and no obligation
moneycorp account - the process only takes a few
click here to register online with moneycorp.
It only takes a few minutes to register – you can then start
saving money on your overseas currency transfers. Once
registered, you will be assigned an Account Manager who will
be your main point of contact - they can provide quotes and
information on the Australian dollar as and when you need
Moneycorp is regulated and authorised by the Financial
Conduct Authority – they have been providing foreign
exchange services for over 35 years.
UK Pension Transfers – Major changes again
the recent UK budget UK Pension Transfers to overseas
destinations were again in the firing line.
HMRC last made major changes in April 2015 and essentially
because of these changes only people age 55 years and older
can transfer their private pensions to an Australian
Superannuation Scheme with HMRC (Qualifying) Recognised
Overseas Pension status (QROPS).
From this time many UK expat Australian residents under age
55 have been exploring the option of transferring their UK
Pensions to a QROPS scheme in a different country for
example Malta or New Zealand however the announcement on
budget night has essentially put stop to this being a viable
option as HMRC announced a new 25% tax on transfers to
overseas (QROPS) schemes with some exceptions.
The following was published on the same day as the budget by
HMRC in relation to this and other changes:
In addition to the new transfer tax being introduced there
are a number of changes around how and when the pension
money that has been transferred can be accessed and if
withdrawals and or payments are made or taken from pension
monies that have been transferred there may be tax
charges/penalties levied by HMRC depending on how and when
they are taken.
Therefore the situation as things stand currently for UK
Expats in Australia with regards to their UK Pensions is:
Under age 55
There are no public offer schemes available in Australia
with QROPS that can accept UK Pension Transfers in.
Therefore if you do have a UK pension then leaving it in the
UK until age 55 (currently) is typically your only option
without being hit hard with UK taxes.
However it may still be wise to consider reviewing your UK
pension with an appropriate UK FCA regulated Adviser for
some of the following reasons:
• You have a defined benefit (aka final salary) scheme and
wish to explore taking the lump sum offered and transferring
it in a personal pension (currently transfer values are
historically high for these type of schemes);
• You wish to ensure that your money is invested in an
appropriate risk profile you should ensure it is working as
hard for you as it can within your desired risk level (you
may be too aggressively invested or to cautiously invested
for your situation).
• You wish to be invested in a pension that allows you to
invest in multiple currency options particularly Australian
Dollars (currently sterling is weak against the Australian
Dollar from a historical point of view however this may
change going forward, if the change is in favour of sterling
you may wish to have your monies converted to Australian
Dollars at that point to then protect against future
Over age 55
It is possible to transfer a UK Pension to an Australian
QROPS for someone who is over age 55. This is possible by
way of arranging a Self-Managed Super Fund (SMSF) and having
it made QROPS compliant or by using a public offer Super
Fund which is a QROPS (which option suits will be based on
numerous individual factors).
A pension transfer to an Australian QROPS for someone that
is resident in Australia is an exemption under the new 25%
tax charge as follows:
• Transfers to QROPS requested on or after 9 March 2017 will
be taxed at a rate of 25% unless at least one of the
o both the individual and the QROPS are in the same country
after the transfer
However note that if a person who does transfer to an
Australian QROPS ceases being an Australian resident within
5 full UK tax years of the transfer being received then the
tax charge can be levied.
It may or may not be advisable to transfer a UK Pension to
Australia as again it will depend on a number of individual
factors) however financial advice is recommended to ensure
A) it is advisable to move out of your current scheme and B)
to navigate the complexities of a transfer (if of course a
transfer is advisable)
Financial Adviser (FPA Member AFP ®)
Director - Vista Financial Services -
Authorised Representative No. 322874
Professional Investment Services Pty Ltd
ABN 11 074 608 558
Australian Financial Services Licence No. 234951
Liaise with Andrew on the forum
Western Australia skilled migration occupation list (WASMOL)
Following the recent election in Western Australia, New
applications for the State Nominated Migration Program are
being accepted with an interim Western Australian skilled
migration occupation list (WASMOL) targeting those
occupations which are of a specialist nature and have
compelling evidence of unmet demand at a State level.
The State Government will be consulting with industry to
develop a new list which is expected to be complete and
operational in late May 2017.
Further information will be posted on the WA migration
portal as it becomes available.
All applications received before suspension of the program
on 13 March 2017 will be processed according to the criteria
that were in place prior to this date. Invitations issued to
intending migrants before 13 March will be honoured and
their applications processed.
Discuss visa and migration issues
SkillSelect Update - Pro Rata OccupationsResults for the
15th March SkillSelect invitation round have been published.
Two occupations have reached their occupation ceiling and
most other pro rata occupations are likely to be filled by
the end of April.
Occupations Filled in 15 March Round
The following occupation groups reached their occupation
ceiling in the 15 March round:
Other Engineering Professionals
Computer Network Professionals
In fact, more invitations were issued than were available in
the occupation ceiling in these occupations.
Occupations Likely to be Filled in the Next Few Rounds
Looking at the current invitation rate for pro rata
occupations and the number of remaining places, it is
forecast when each occupation is likely to be filled:
29 March Round
ICT Business and System Analysts
12 April Round
Auditors, Company Secretaries and Corporate Treasurers
Software and Applications Programmers
26 April Round
Industrial, Mechanical and Production Engineers
Consequences of Occupations Filling Early
Once an occupation is filled, no further invitations can be
issued in that occupation for the Skilled Independent
Subclass 189 or Skilled Regional Provisional Subclass 489
(family stream) until the program reopens on 1 July 2017.
If no invitations are issued in pro rata occupations between
April 2017 and July 2017, this will create a significant
backlog of applicants who have lodged EOIs through
Unless there are increases in the occupation ceilings for
the pro rata occupations, it is expected that either the
minimum score to be higher for pro rata occupations or for
the waiting time to increase for an invitation.
Discuss visa and migration issues
month's newsletter competition has a Sporting flavor about
it. The first correct entry drawn out of the virtual hat
will receive $100 AUD or local currency equivalent.
To enter the competition, head over to the forum via
this link (login required) then follow the instructions.
You are receiving this newsletter because you opted in at our website. https://www.pomsinoz.com/
Unsubscribe <<Email Address>> from this newsletter
Copyright © 2017
Australia Migration Forums