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Andrew from Vista Financial

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About Andrew from Vista Financial

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  1. Andrew from Vista Financial

    New 55+ Retail QROPS Super (soon) - UK Pension Transfers

    Hello Just an update about a new Retail Super Fund hoping to have QROPS status by mid February. I cannot give specifics at this time but the company are a well established Australian Superannuation company (they have a UK parent company) and they have their new 55+ Super Fund application currently with APRA, once this is signed off they will apply to HMRC for a QROPS certificate (they have already had HMRC look at the Deed and HMRC seem happy with it). So whilst the only current avenue for a QROPS transfer is again the SMSF path for those in the midst of looking at transferring it may pay to hold fire. Regards Andy
  2. At Vista we have been working very closely with a number of Super and Pension (UK) companies of late to forge partnerships/relationships so that we are able to offer our new and existing clients access to a wider range of solutions and with providers that are highly rated and awarded in their field. On the back of this we believe that we are now in an even stronger position to cater for an individual/couples retirement planning needs (particularly UK expats). Our solutions cover all aspects of retirement planning and wealth creation and include advising on and access to: Industry Super Funds; Not Profit Super Funds; Retail Super Funds and Wrap Platforms; A UK International SIPP (UK Pension) allowing British Pound and Australian Dollar investment options; Self-Managed Super Funds (including QROPS); Guaranteed Annuities (short and long term including lifetime annuities); Access to a very wide range of unlisted managed funds; Access to the ASX M-Funds service; Access to a wide range of listed managed fund/ETFs; Access to Direct Equities and Listed Investment Companies. We charge on a fee only basis for these solutions and our fees are fair and transparent and disclosed upfront. We also use clean investments/funds meaning that there are no commissions charged on them and we ensure that we look for the most cost effective solutions available for our clients needs. Feel able to contact me if you would like to discuss our services in more detail. Regards Andy
  3. Andrew from Vista Financial

    First Home Buyers/Mortgage Seminar

    Hello all The Seminar has been booked for 8 December at the Hallett Cove Civic Centre and starts at 10.30am. We have 15 confirmed seats booked so have about 5 places left. So, if anyone would like to attend please PM or email (first come first served). Thanks folks. Andy
  4. Andrew from Vista Financial

    First Home Buyers/Mortgage Seminar

    Hello I know that this forum is not used very actively nowadays but people do still LK on here. We are thinking of putting on a First Home Buyers (Mortgage) Seminar as I know that there are still plenty of Poms coming to Adelaide and will of course be looking to buy their first home here at some point. We used to run these seminars regularly a few years ago and the feedback was very good. I am just trying to get some ideas on numbers and then if take up is good I will lock in a date, the venue is likely to be the Hallett Cove Civic Centre. It will be free to attend, no pressure purely informative and will provide information on the following: The buying process in SA; Costs involved in buying; The mortgage process in SA We have years of experience assisting in obtaining mortgages for first home buyers specifically Poms in this area so do feel that there could be value here for members wanting to understand how it all works. If you are interested then please either PM via here, reply to this thread or email me on Andrew@vistafs.com.au Cheers Andy
  5. Andrew from Vista Financial

    Tax accountant for expats

    Sorry foe the delay Greg. An Aussie Accountant should be able to cope with how the foreign pension income is treated however the lump sum that you received is an entirely different calculation and one that I'm afraid to say most Accountants do not understand. It's actually treated under the foreign super benefit payment rules, the ATO may be able to assist you with this one directly if you apply for a private ruling. Regards Andy
  6. Andrew from Vista Financial

    Tax accountant for expats

    P.S here's a thread on the UPP: https://www.pomsinoz.com/topic/190276-upp-on-uk-private-pensions/
  7. Andrew from Vista Financial

    Tax accountant for expats

    Hi Greg If you are a permanent resident or Citizen then your pension will have to be declared here as income and taxed at your marginal tax rate (MTR). One thing that may be able to mitigate this slightly is a deduction as follows: https://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Other-deductions/Undeducted-Purchase-Price-of-a-foreign-pension-or-annuity/ You can work with the ATO to get the deduction confirmed if applicable and then just use those figures for the return. You are getting it paid gross from the UK I assume? Andy
  8. Andrew from Vista Financial

    Obtain a UK Pension (Final Salary) Transfer Value

    I would encourage anyone with a private UK Defined Benefit Pension Scheme (sometimes referred to as a final salary pension) to obtain a transfer value. Values have been increasing steadily over the years and it is believed that they have now perhaps peaked. We are seeing values on average standing around 25x the current annual pension benefits. This means that if you have a UK pension and the current benefit gives you a yearly pension of £10,000 the transfer value could be £250,000. So if you are a deferred member of a Defined Benefit (final salary) UK Pension Scheme and live in Australia we strongly believe that you should be proactive in this area and we (Vista Financial Services) can request the relevant transfer values and information for you. We can then if required provide advice around whether these benefits are best placed where they are OR whether they are going to work better for you in retirement elsewhere we can then if appropriate carry out a transfer for you. Our solutions include being able to transfer to an Australian Super Fund (QROPS) where applicable which is a solution only open to people above age 55 currently (due to HMRC legislation). We are also able to provide advice on transferring into an International SIPP (perhaps as an interim measure if under age 55 until it can be transferred to an Australia Super Fund) where the money can be appropriately invested as advised by us into UK and Australian currency dominated investments (I will expand more on this solution in another post). Please note that government pensions such a NHS and Police Pension cannot be transferred neither can the UK State Pension.
  9. Andrew from Vista Financial

    UK ISA - tax to pay in Australia

    Hello Hoopster I'm assuming that you are a Permanent Resident/Citizen here in Australia. My following comments relate to PRs/Citizens. UK tax free doesn't mean Australian tax free and thus foreign investments and savings are typically assessed by the ATO on the same basis as Australian investments and savings. Therefore interest earned from savings should be declared each year in the tax return. Investments are treated in that: > Income again should be declared each year in the tax return ie dividends and/or distributions from Unit Trusts/OEICS. > Capital Gains should be declared in the tax return in the year that they are realised (with any relevant exemptions that are applicable applied). Hope this helps. Regards Andy
  10. Andrew from Vista Financial

    New Mortgage Broker - Carol Yokowo

    I would like to take the opportunity to formally introduce our new Mortgage Broker, @Carol from Vista Financial Carol is an open, honest and personable professional who takes the time to listen, understand and explain things to you in simple terms. Carol is fiercely and passionately dedicated to her clients and believes the only kind of true Customer Service is exceptional Customer Service and she hopes that one day this will become the norm, not the exception. She has come from a private banking background and brings a variety of knowledge with her. Vista Financial Services are delighted to welcome Carol on board and likewise Carol is excited at the opportunity to be able to offer a wider range of solutions as a Finance/Mortgage Broker. If anyone would like refreshingly honest and down to earth advice and assistance with your first/next purchase, please contact Carol today on carol@vistafs.com.au or +61 8 8381 7177. You can also learn more about Carol by adding her on LinkedIn and more information will be available on our website soon.
  11. Andrew from Vista Financial

    The Pension Protection Fund

    The Pension Protection Fund (PPF) protects millions of people throughout the UK who belong to defined benefit, eg final salary, pension schemes. If their employers go bust, and their pension scheme can't afford to pay what they promised, the PPF will pay compensation for their lost pensions.
  12. Andrew from Vista Financial

    When can I get a Mortgage

    Hello Phil An employee will secure a mortgage much sooner typically than someone that is self-employed as usually a self-employed person requires at least 2 years books. The other hurdle is that I believe the 489 is a temporary visa and this can mean that some lenders will not entertain the idea of a loan. However some will but typically the maximum loan will be an 80% LVR. Really you will need to be here and in employment/working before you can entertain the idea of looking at securing a mortgage I think but as I say unless you have a huge deposit and are willing to pay a premium for a mortgage it's likely that the employee route will provide a better chance. Regards Andy
  13. Andrew from Vista Financial

    Tax on money transfer

    Hey KPG It seems that Snifter has answered your questions already however just to clarify the tax situation on monies that you bring with you to Australia when you emigrate....no it is not taxed. Regards Andy
  14. Andrew from Vista Financial

    UK Pension

    Hello Pamela In that case it makes no difference from a tax perspective whether you have the payments paid directly to your Australian or UK Bank. Is that is what you are trying to ascertain?? Andy
  15. Andrew from Vista Financial

    UK Pension

    Hello Pamela In relation to your private pensions........are these in payment already? Thanks Andy

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