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DV 2015 Oceania winners

Aucklander said:
Thanks Simon, financial records will be all Bank Statements and big expenses ? Is there any other stuff I need to keep ?
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Britsimon said:
Income records, sales of stock, property and so on. Basically - anything that could create a taxable earning, and yes, expenses you might be able to offset.
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And don't forget - it's worldwide income you're filing for now (not just US income). So anything you earn / expense back here, you have to declare on your US income tax.
 
CC1 said:
Is anybody else completely bummed about the dollar, we have decided to rent the house out as it's not worth selling and losing a third of our money, when I started this visa journey it was one for one:(
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Yeah, it's killing me watching it drop and thinking about the thousands I would lose in savings just in the conversion. :eek: And to think the last time I went to the US and the exchange rate was 0.87 to the dollar I thought THAT was bad... :D
 
Don't forget to weigh up the direction the economies are going, and house prices. If You Are Selling A Home Down Under At THE height of the market, and buying in a recovering market, it could pay you to take the hit on the exchange rate and get in while prices are low.
 
CC1 said:
Is anybody else completely bummed about the dollar, we have decided to rent the house out as it's not worth selling and losing a third of our money, when I started this visa journey it was one for one:(
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Just focus on the nice US$ salary you'll be getting.
 
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With all this talk about money...I have a curly one for you. I'm setting up in Los Angeles, California and am in the process of receiving a sizeable inheritance from my late grandmother. Does anyone know...as this is all happening within Australia, where there is no estate tax...whether this may be an issue once I become a US resident?
 
ndubbs said:
With all this talk about money...I have a curly one for you. I'm setting up in Los Angeles, California and am in the process of receiving a sizeable inheritance from my late grandmother. Does anyone know...as this is all happening within Australia, where there is no estate tax...whether this may be an issue once I become a US resident?
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Depends on if you receive the funds before or after your POE activation. If you receive it before hand, it wouldn't be counted.
 
Thanks @MattWatt Just did some googling...and due to the Australian/US income and gift tax treaties it looks as though there is no tax implications on bequests from foreign nationals not residing in the US. Oh so much tax complication to look forward to. ARGH! Anyone have any US/AUS Tax accountant recommendations in California?
 
ndubbs said:
Thanks @MattWatt Just did some googling...and due to the Australian/US income and gift tax treaties it looks as though there is no tax implications on bequests from foreign nationals not residing in the US. Oh so much tax complication to look forward to. ARGH! Anyone have any US/AUS Tax accountant recommendations in California?
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But once you have a green card you are considered resident in the U.S... As long as it's all received before you activate you're fine.
 
arrypottah said:
Hi guys,

I'm yet to receive an email from the Sydney consulate regarding the checklist of documents... does this sound normal? Should I receive an email? I have the checklists that were in @EmilyW dropbox file but I just wanted to make sure that I wasn't missing out on anything.

My interview is September 8.

Thanks!
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Totally normal. My checklist was emailed later, maybe a month before interview. But its basically the same as the one in dropbox. Good luck
 
ndubbs said:
With all this talk about money...I have a curly one for you. I'm setting up in Los Angeles, California and am in the process of receiving a sizeable inheritance from my late grandmother. Does anyone know...as this is all happening within Australia, where there is no estate tax...whether this may be an issue once I become a US resident?
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My dodgy tax advice: don't activate until next year ;)
 
Britsimon said:
Don't forget to weigh up the direction the economies are going, and house prices. If You Are Selling A Home Down Under At THE height of the market, and buying in a recovering market, it could pay you to take the hit on the exchange rate and get in while prices are low.
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I was just thinking that. Looked at the house prices in Houston (where I would like to go initially) and realised I could potentially go down to 1/5 the mortgage I currently have . Good enough reason to go. Retire 10 years earlier than I would here
 
Hi guys,
Just a question:
The profile on the USTravelDocs is just for the principal applicant or has to be one for each person (dependents)?
Thanks...
 
My husband and I agreed not to sell our house too, Sydney rental market is very strong, selling your property is not a good idea especially when the U.S. dollar is that strong.
 
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A smart investor sells at the height of the market. Now - spotting that high point is the hard part - but consider the factors that drive prices. At some point they become unaffordable, or some trigger causes the prices to adjust.

Take a look at this graph. It would take nerves of steel to hold property in Australia assuming continued rises. For someone living in Australia a property crash wouldn't matter - they sell cheap, but are able to buy cheap - but to someone who had left the country assuming their investment was as "safe as houses", well - I wouldn't....

ausprices.png
 
Britsimon said:
A smart investor sells at the height of the market. Now - spotting that high point is the hard part - but consider the factors that drive prices. At some point they become unaffordable, or some trigger causes the prices to adjust.

Take a look at this graph. It would take nerves of steel to hold property in Australia assuming continued rises. For someone living in Australia a property crash wouldn't matter - they sell cheap, but are able to buy cheap - but to someone who had left the country assuming their investment was as "safe as houses", well - I wouldn't....

View attachment 564
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Barclays Capital graph ;)

Your points are very good, and many people come short holding on to assets waiting to make even more than they already could.
No matter, probably more key for people to remember is that either rental income or sale proceeds need to be reported to the IRS if they take place after activation trips. In US dollars. And it is a royal pain in the butt reconciling asset price movements for capital gains tax calculations when you have to take it back to USD over various points...
 
Britsimon said:
A smart investor sells at the height of the market. Now - spotting that high point is the hard part - but consider the factors that drive prices. At some point they become unaffordable, or some trigger causes the prices to adjust.

Take a look at this graph. It would take nerves of steel to hold property in Australia assuming continued rises. For someone living in Australia a property crash wouldn't matter - they sell cheap, but are able to buy cheap - but to someone who had left the country assuming their investment was as "safe as houses", well - I wouldn't....
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I'd agree with this. Australian property -- especially in Sydney and Melbourne -- is valued well in excess of market fundamentals. Unless you're buying in NYC or SF, it might be worthwhile to sell up and eat the FX loss. I'm also of the opinion that the AUD has a lot further to fall; I'm anticipating a bottom of ~0.60. Maybe lower. And I can't foresee circumstances where we'll be at parity for the next decade at least.

Call me Mr Bear.
 
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