Moving to OZ. What should I do with my money?

[aussiebruce]

My OH and I are packing up and buggering off to OZ. After selling our house we have a few quid to take over. Thing is the Pound has gone to st and instead of exchaging at around 2.50 to a pound it's at 1.60!

That's a massive loss, so we're intending to take a few K over and renting 'til the rate gets a little better.

Question is what should we do with the pounds? My OH is quite worried about loseing the lot when/if our chosen bank goes bust so is opening bank accounts everywhere and investing the 50K safe limit. This is a little OTT as far as I am concerned, but would hate her to be proven right if we did'nt do so.

So where can I safely put our money, earn decent interest and have relatively easy access?

Slightly off topic, but what are the tax implications? Do I have to pay tax here, there or not at all?

Hope you can help, or at least put me in touch with someone who can.

[Beardy10]

I'd speak to HMRC about the tax implications. I don't know what the story is with Australia in terms of a tax treaty but stopping paying UK tax is not as easy as leaving the country....they've brought in new rules in the last few years to stop people going offshore and for example crystalising a big capital gain(for example selling a business) whilst they are out of the country for a year.

HMRC are generally pretty helpful....and the advice is free.

Sorry to say but I don't think the rate is going back to anything like 2.5 any time soon. The Australian Economy is booming and has huge natural resources which bode well for the future.....just like the UK....not. I do think property there has got a bit out of hand though.

Edited by Beardy10 on Monday 22 March 23:03