Many financial questions

[srg73]

1, we are possibly looking to rent our house very cheaply simply to cover the interest on the mortgage only. Am I correct this can be offset and therefore not taxable under UK law? I have been advised only income over and above would be taxable ie profits, payment of the loan itself and agents fees etc.

 

2, how long can we keep the property in UK without incurring tax when importing the money to Australia?

 

3, what is mortgage lenders opinion if we keep the UK property whilst trying to buy an Australian property? Can we use the first property as collateral? We would have a deposit of circa 10% if we cash our ISA's in.

 

4, what is a safe amount to survive on for 6 months? 2 adults, simple 2 bed rental circa $350 ish both looking for work which we would hopefully secure quickly as both well qualified and prepared to take almost any job to start with.

 

5, has anybody left their furniture for 6-12 months in UK only importing once secure and in their own house, not rental?

 

Thanks any lots more questions just can't recall them at the moment.

 

S

[Jessica Berry]

Information taken from Immigration SA website regarding state nomination and financial capacity (and can be used as a guide for others)......

 

 

11.1 Applicants must ensure that they have sufficient funds for settlement when they arrive in South Australia. Evidence of financial capacity is not required. However, Immigration SA reserves the right to seek additional information or evidence at a later stage if necessary. The requirement depends on whether you are applying offshore or onshore.

11.2 Financial requirement:

Applicants need to have combined cash and assets within the range listed in the table below. As a guideline, when applicants arrive in South Australia, Immigration SA recommends that offshore applicants have $20,000 in cash and onshore applicants have $5,000 in cash for settlement. Applicants should not dispose of any assets before the visa is granted.

[TABLE=class: cms_table]

[TR]

[TH=width: 500]Family composition[/TH]

[TH=width: 300]

Offshore Applicant: Combined cash & assets requirement

[/TH]

[TH=width: 300]

Onshore Applicant: Combined cash & assets requirement

[/TH]

[/TR]

[TR=bgcolor: #ebf5fc]

[TD=width: 500]Main applicant only[/TD]

[TD=width: 300]

Total figure between AUD$ 20,000 - 25,000

[/TD]

[TD=width: 300]

Total figure between AUD$5,000 - 10,000

[/TD]

[/TR]

[TR]

[TD=width: 500]Main applicant plus one (1) dependent[/TD]

[TD=width: 300]

Total figure between AUD$25,000- 30,000

[/TD]

[TD=width: 300]

Total figure between AUD$ 10,000 - 15,000

[/TD]

[/TR]

[TR=bgcolor: #ebf5fc]

[TD=width: 500]Main applicant plus two (2) dependents[/TD]

[TD=width: 300]

Total figure between AUD$30,000 - 35,000

[/TD]

[TD=width: 300]

Total figure between AUD$15,000 - 20,000

[/TD]

[/TR]

[TR]

[TD=width: 500]Main applicant plus three (3) dependents[/TD]

[TD=width: 300]

Total figure between AUD$35,000 - 40,000

[/TD]

[TD=width: 300]

Total figure between AUD$20,000 - 25,000

[/TD]

[/TR]

[/TABLE]