21st February, Issue # 76
Welcome to the February 2018 Pomsinoz Newsletter
A warm welcome to
everyone who's registered on the forum since our last
If you've only recently joined
www.pominoz.com and haven't made
a post yet, then why not stop by and say hello.
This month, we've got a bumper issue, with lots of visa news
All the Best,
A currency exchange specialist can help you with the many
costs of buying a property in Australia
If you’re looking to emigrate to Australia and buy a
property there, you might think that you have enough on your
plate organising that and send the payments via your high
street bank. However, working with a currency exchange
specialist could save you money and simplify the process
because there are a lot of discrete costs. High street banks
can charge between £20 and £40 per transfer on average, and
when you take a look at all the payments you need to make,
those costs can really add up.
Even if you have the money to invest in the property without
taking out a mortgage, you’ll need to make payments for both
the deposit to secure the property and the final payment.
You might think that the ease of working with your bank is
worth the cost of those two transfer fees, but you’ll find
that there are many more payments required. You’ll need
government approval as a foreign investor in the form of
permission from the Foreign Investment Review Board (FIRB)
and that application will cost you a fee, depending on the
cost of the property. Then you’ll have two forms of stamp
duty – the standard cost and potentially an additional
Foreign Citizen stamp duty. There are also all the costs
that are entailed in purchasing a property including legal,
valuation and conveyancing fees, pest and building
inspections, title registration, removal costs, council and
water rates, telephone and broadband set up. Think again
about those fees from a high street bank, you could now be
looking at a cost of hundreds of pounds to fulfil all these
Low fees aren’t the only advantage of a specialist currency
broker. You’ll also have access to great rates, and a range
of products which help you manage your funds across borders.
For example, if you’re worried about fluctuations in the
currency exchange market impacting your budget, you could
set a rate at the beginning of the process and use this for
all your payments by entering into a forward contract.
Please note a forward contract may require a deposit.
A specialist may also offer regular payment plans to
transfer funds automatically to an overseas bank account.
This may be to fulfil scheduled costs or to provide regular
income to your Australian account such as a pension payment
or income from renting out a property. Funds can be
collected using a direct debit, converted to Australian
dollars and delivered to your local account. Again, if
you’re worried about the impact of currency fluctuations,
there are options to specify the amount of funds outgoing in
sterling, or incoming in Australian dollars, or both if you
choose to use a forward contract and lock in an agreed rate.
Before you go to your high street bank to organise payments
for your property in Australia, it’s worth finding out about
the alternative ways to move your money across borders. To
make the most of your funds and stay in control of the
process, it’s best to plan ahead and work with a specialist
who can put the right tools at your disposal.
Moving to Australia or already moved – get started
moneycorp have helped thousands of people with their
money transfers to and from Australia. It’s free to register
for a moneycorp account and you can do this
online by clicking here.
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 and they can provide quotes
and information on the Australian dollar as and when you
You can also read more information here on the Poms in Oz
currency page –
Please mention Poms in Oz when contacting moneycorp so you
can benefit from paying no transfer fees when transferring
your money overseas.
Moneycorp is a reference to TTT Moneycorp Pty
Limited which is registered in Australia (business number
116612858). Its principal place of business is Level 15
Exchange Tower, 2 The Esplanade, Perth WA 6000, Australia.
TTT Moneycorp Pty Limited is authorised to deal in foreign
exchange contracts and buy/sell quotes to retail and
wholesale clients as an Authorised Representative (reference
number 445555) of Rochford Capital Pty Limited (AFSL License
Temporary Skill Shortage (TSS) Work Visa UpdateThe dates
for when the proposed changes to the new TSS visa and the
Employer Nominated visas, subclass 186 and 187, will come
into effect have not yet been confirmed. The Department of
Home Affairs has advised that the changes will definitely
not commence on March 01, 2018, but most likely will begin
in the first half of March 2018.
Discuss Temporary Visas on our forum
More Articles added
If you haven't done so already, be sure to check out our
articles section at:
We've been busy adding more suburb guides, real-life
migration stories, salary guides and much more!
Money & Finance
ATO plans to investigate past and present visa holders
The Australian Tax Office (ATO) will be analyzing the
records of up to twenty million migrants (past and present)
to ensure they are not ripping off Australians and are
paying their fare share of tax.
The financial and personal details of visa holders who have
come and gone from Australia will be audited over the next
three years to enforce income tax and superannuation
The massive blowtorch, which includes migration agents who
help get migrants to Australia, also aims to identify
potential fraudsters rorting foreign investment rules.
Full details at
SkillSelect 189 Invitations published for 07th February 2018
300 invitations were issued this round.
To be invited 189 visa applicants from MOST OCCUPATIONS (all
eligible occupations not listed in the ProRata table below)
required at least 70 points (EOI deeming date 31/10/2017).
(SC489 Independent required at least 80 points).
Again no invites appear to have been issued to Accountants.
The DHA have previously stated: that the invitations for
ProRata occupations will also reflect volumes in other
skilled visa categories. This may be what is impacting
What's HOT on the forum right now?
The current hot 5 topics on the forum are:
Click on the links above to participate and have your say
The Parent Visa thread
SkillSelect ENS 186 Timeline thread
Is it normal that I keep changing my mind?
Moving home alone after 10 years
jobs boom continues for 16th consecutive month
Australia's jobs boom has extended to its 16th
consecutive month growth, the longest unbroken period of
growth recorded by the Australian Bureau of Statistics.
Discuss jobs and careers on our forum
Booming employment conditions have continued into the new
year with another 16,000 new jobs created in January.
The jobs growth helped edge down the employment rate from
5.6 per cent at the end of 2017 to 5.5 per cent, on
seasonally adjusted data supplied by the Australian Bureau
Get organised for your big move
Moving to a new country is exciting. However, it also
comes with a lot of administrative tasks. With so many
things to do, it can be easy to forget something.
Things you should know:
Commonwealth Bank of Australia ABN 48 123 123 124 is a
company incorporated in Australia. ^ We will need to
verify your income is $80,000 AUD p.a. and visa to qualify
for this service. +Customers can transfer money into
their new account straight away. You can transfer money into
your new account straight away. Please note you will only be
able to withdraw your funds after you have arrived in
Australia and provided acceptable ID (such as your passport)
at a Commonwealth Bank branch. This article is intended to
provide general information of an educational nature only.
It does not have regard to the financial situation or needs
of any reader and must not be relied upon as financial
Help is at hand though. By learning from the airline
industry, you can keep your move on track.
Get your pre-flight checklist in order
Before any plane takes off, the pilots run through a
pre-flight checklist to make sure they don’t forget anything
vital. Just like the pilots, you can also stop yourself from
forgetting something by using your own pre-flight checklist.
Commonwealth Bank has created a checklist for people who are
moving to Australia. It contains reminders of different
tasks to complete from 3 months before you leave, right up
to things you need to do once you arrive in Australia.
Simply follow the different steps to help ensure your
banking and new life are set up with minimal hassle.
Commonwealth Bank’s moving to Australia checklist
Additional support throughout your move
Commonwealth Bank offers eligible professionals who are
moving to Australia 1-1 support with their move. A London
based team can assist you before your move, and Relationship
Managers in Australia can help you settle in.^
You can open an Australian bank account instantly online and
transfer money to your new account straightaway+.
For useful hints and tips about moving to Australia, or to
open an account instantly online+ visit the
moving to Australia portal or contact their London
based team by emailing
Vista Financial Services can do for you
UK Pension Transfers
You can currently only transfer your UK Pensions directly to Australia if you are aged 55 years or over.
If this is the case and you engage Vista in relation to a Pension Transfer, we will see the whole process through from start to finish including:
We of course also take care of any other issues that arise throughout the whole Pension Transfer process and the above is the simplified version of the process as it happens but be rest assured we take care of the whole transfer.
- Obtaining relevant UK Pension information and overseas transfer paperwork;
- Providing a comprehensive Statement of Advice in relation to:
- whether a transfer is in your interests;
- recommending an appropriate Super Fund in Australia to receive your UK Monies;
- detailing rules and legislation around UK Pension Transfers and what you can and cannot do going forward;
- the advantages and disadvantages of a UK Pension Transfer;
- Completion of the necessary new QROPS Super Fund Application and Pension Transfer documents;
- Administering the transfer including follow up calls with your UK Pension Transfer Company to chase payments and/or other required documents;
- Placement of the monies into the appropriate recommended investments;
- Dealing with the calculation of any relevant tax payable on the transfer of the Fund and the options available in relation to this tax.
Life (Risk) Insurance
- We consider client Super Funds and what clients want from a Super Fund and determine whether the Super Fund they currently have is appropriate for their needs at that particular time;
- We also consider consolidation of Super Funds if clients have more than one Super Fund (but this is a case by case basis as it may in some cases be appropriate for clients to have more than one Super Fund for example if one of the Funds contains Insurance);
- We look at how the monies are invested within the Super Funds and whether they are invested in accordance with a client’s Risk Profile. For example most people are in the default Balanced Options in their Super Funds but this wouldn’t be appropriate for say a Conservative or Defensive Investor as there would be too much risk to their monies (in the markets).
In actual fact the word Balanced is rarely what it would
seem to be as most of the time around 80% of monies in the default Balanced Fund are invested in the markets and as much as 90% in some cases. We assess a client’s attitude to the risk they want to take with their monies and then recommend investments that align to that Risk Profile;
- We consider the beneficiaries nominated on a client’s Super Fund. Some clients have no-one nominated, others have non-binding nominations, others binding nominations. We check what is currently in place and ensure it continues to remain in line with the client’s wishes in the event of their passin
- We consider four types of Insurances being Life
Insurance, Total and Permanent Disability Insurance,
Trauma Insurance and Income Protection. We carry out
what is called a Needs Analysis for a client to
determine how much of each insurance they require (for
example cover to clear the mortgage, cover for
children’s education costs etc) and then we make
recommendations in relation to how to structure this
insurance and indeed the Insurance Provider;
- Risk Insurance has evolved greatly over recent years and
you can now have Life, TPD and Income Protection Cover
with a retail provider (comprehensive insurance) with
the premiums funded from a nominated Super Fund. This
can assist with cash-flow and also make it tax efficient
to fund the premiums. You can also hold all of these
insurances outside of Super and fund the premiums
yourself or a combination of the above. We look at what
a client needs, the costs involved and then tailor an
Insurance Package to best suit the client’s needs and
- We assist our clients with insurance claims as the last
thing someone wants/needs to contend with is dealing
with an insurance company to try and get money paid
while they are sick or grieving.
- When a person reaches a certain age/retires they are
able to transfer their Super monies into a Pension. We
advise on this transition which can often result in a
client receiving a tax free income generally or at the
very least a tax free eligibility on earnings within the
Pension (that are taxed in Super) which in turn
increases a client’s retirement monies and in turn
- We also as with Super advise on the Investment Portfolio
within the Fund (namely the appropriate investment of
the monies in accordance with a client’s Risk Profile);
- Again we also consider a client’s beneficiary details
and in Pension you can also have what is known as a
Reversionary Pension Arrangement whereby in the event of
the passing of one Spouse the other will continue to
receive the income without the need to close the Fund;
- There is a requirement by law to take a certain
percentage of income from a pension each year and we
advise clients in relation to how much income should be
taken in conjunction with the Retirement Planning
Projections we carry out (more details below).
- We consider a client’s Retirement Goals and Objectives
namely how much income does a client want annually in
retirement. We then consider whether a client is on
track to receive that level of income taking into
account all the income they will be eligible to receive
such as monies from their Super Funds, UK Private
Pensions (if applicable), Australian Aged Pension
Income, UK State Pension Income (if applicable), Rental
Income and any other sources of income a client might
If the client is on track to achieve their Retirement
Income Goal that is great and we then may start to
consider whether early retirement is an option. However
if they fall short we look at ways we may be able to
make up the shortfall and get the client where they need
to be using various strategies (detailed below) or
alternatively discuss with them the reality and what the
negotiables may be for example working longer or taking
less income and the like.
We provide detailed Projections which show the income
likely to be achieved in retirement and indeed at what
age this income is likely to run out and when a client
would be solely reliant on the State for income (which
is of course not ideal in the very least early
- If a person has money to invest we consider a client’s goals for this money including their investment time horizon as well as their attitude to Risk (namely how much risk they want to take with their monies) and then make recommendations in relation to appropriate investments such as:
- Direct Shares (including ETFs, LICs);
- Managed Funds;
- Managed Accounts;
- Short and Long Term Annuities;
- Cash and Term Deposits;
- Property (through Funds or directly).
- When you invest money the appropriate ownership structure of that investment is important for a number of reasons and so we will also consider that structure for you which will include structures such as:
- Direct Ownership (Solely or Jointly);
- Through a Trust Structure (Family Trust for example);
- Investment Bond;
- Education Bond;
- We consider whether a client has a Will, Powers Of
Attorney as well as Guardianship for their dependents,
if not then we make a firm recommendation to seek
Professional Advice in relation to these areas (in SA we
refer them to a Solicitor who specialises in this area).
We will then work with the Professional to ensure that
the client’s Estate Planning is in good health.
- We look at client’s disposable income (if they have any)
and where this money could be best directed. Again in
conjunction with the Retirement Planning sometimes we
recommend surplus income is directed to Super by way of
a Salary Sacrifice Arrangement or Tax Deductible
Contributions (subject to monetary limits), sometimes we
recommend in addition that money is contributed to Super
as voluntary payments or to an investment vehicle
outside of Super if more appropriate (for example access
is required before Super is available.
We might direct surplus income to a client’s mortgage,
loan, credit card or other outstanding debt but we will
assess the client’s situation as a whole and determine
the most appropriate and tax effective way of increasing
a client’s wealth and/or reducing debt.
- We also consider whether client’s are eligible for any
other contribution incentives such as the Government
Co-Contribution whereby someone earning below a certain
threshold will be able to have the Government match (or
at least contribute) an amount to their Super Fund in
accordance with an amount they also contribute so
effectively you contribute and so does the Government
(again increasing retirement wealth);
- There are also other strategies like Spouse Splitting
(whereby one Spouse transfers money to the other
Spouse’s Super) which may be beneficial in certain
circumstances, Spouse Contributions whereby a Spouse
contributes to the other Spouse’s Super and they receive
a Tax Offset and again in some circumstances this can be
- All of the above and more are assessed for our clients
to assist (if applicable) to create wealth and save tax
and each client is assessed accordingly and the relevant
In most cases when we have advised a client in respect
of an issue they become ongoing clients (this is
optional) and this service consists of the following:
- At least an annual review of all of the above including
an advice document and any additional recommendations
and implementation of those recommendations;
- We are on call as their Advisers throughout the year to
assist if and when needed in relation to any Financial
Matter (in existence or new);
- We are pro-active if something arises throughout the
year that could impact our clients such as for example
the reduction in the Concessional Contribution limit
that came into effect on 1 July 2017. This impacted a
lot of our clients and we had to advise them to reduce
their then Salary Sacrifice amounts to ensure they did
not breach the new limit in place (this required an
additional review and advice document for each client
- We assist clients administratively throughout the year
as and when paperwork is required to be completed for
particular matters (such as beneficiary updates,
We offer a Mortgage Broking service which includes arranging mortgages/home loans for:
We have had a freeze on Mortgage business for about a
year however we are currently recruiting a new Mortgage
Broker so should be offering these services again
- Residential Purchases;
- First Time Home Owners;
- Investment Property Purchases;
- Equity Release (may be to invest in shares/managed
We really take a holistic approach to a client’s whole
Financial Planning Needs as it is really about getting
to retirement and having the income that they require at
and during retirement. We look at utilising all the
available strategies at their disposal while in the
meantime protecting their wealth and income through risk
protection strategies (via insurances) and ensuring that
in the event of their passing their assets are
distributed in accordance with their wishes.
Along the way we are ensuring their monies are invested
appropriately for their Risk Profiles and that their
Super Funds and the investments are performing as they
should and if not then considering alternative options.
In addition to the extensive approach taken in relation
to a client’s Financial Plan we as detailed above cater
for an ongoing client’s changing needs as there will of
course be road bumps along the way due to life changes
such as redundancy, illness, separation, having children
and the like so these changes will have to be navigated
as indeed will the regulatory changes that occur (which
have been extensive over recent years) such as state
pension age changes, reductions in contribution caps to
super and the like.
We are a Financial Advice Firm that you can TRUST and I
know that trust is one of the reasons that a lot of
people do not take financial advice particularly at the
moment with the bad press around Bank Financial Planners
and their advice. This is a real shame as a good Planner
can add so much value.
Vista has been working with forum members for almost 10
years now and we continue to evolve and expand to cater
for our client base as we need too. We put the interests
of our clients first and foremost and will (and have) at
times put a freeze on accepting new business so that we
can maintain our commitment to our existing clients and
If you wish to discuss any of the above further then
feel free to call us on 08 8381 7177 or send an email to
Director - Vista Financial Services
FPA Member, Adv Dip FP
Australia ranked 5th for Quality of Life
Australia has been ranked 5th out of 80 countries for
'Quality of Life' in the recently announced 2018 Best
The results were based on a study that surveyed more than
21,000 global citizens from four regions to asses
perceptions of 80 countries.
The Quality of Life ranking is based on an equally weighted
average of scores from nine country attributes that relate
to quality of life in a country:
The Top 5 Countries for the 'Quality of Life' ranking:
- a good job market
- economically stable
- family friendly
- income equality
- politically stable
- well-developed public education system
- well-developed public health system.
Australia's best performing states and territories
Thinking of emigrating to Australia and not sure which state
to head to? We bring you details of the latest 'state of the
states' report at
aumigforu.ms/2DEu4K7 Details of which states are booming
and which are doing it tough.'
Overseas Removals Insurance
Insurance of your Household Goods and Personal Effects as
you move from the UK to Australia.
The overall cost of moving to Australia can be substantially
reduced, if you decide to arrange the insurance of your
Household Goods and Personal Effects through Letton
Letton Percival have long provided insurance solutions and
advice to individuals and families moving to Australia and
other parts of the world.
Whilst many shipments remain insured by the removal
companies, more and more people are realising that the
alternative cover provided by Letton Percival is easily
arranged, insured with first class Insurers, and gives wider
standard cover than the removal companies, at a fraction of
Excellent customer feedback on both premium saving and
claims satisfaction continues to be given across all of the
expat forums, and as a result, a large proportion of
business written by Letton Percival, is as a result of
With rates from 1.30%, new for old cover as standard, and
mould and mildew and electrical and mechanical derangement
cover included at no additional premium, Letton Percival is
a market leader in this very specialised class of business.
Go to our website,
www.lettonpercival.co.uk, for a no obligation quotation,
or for more information about insuring your Household Goods
and Personal Effects with Letton Percival.
..and finallywe continue our light-hearted / irreverent
look at the differences between the UK and Australia. This
month - walking the dog.
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