Join our investing community

Aussie to send payments to O/S family.

Discussion in 'General Investing Discussion' started by Johny_come_lately, 1st Oct, 2010.

  1. Johny_come_lately

    Johny_come_lately Well-Known Member

    Joined:
    1st Jul, 2009
    Posts:
    703
    Location:
    SE Queensland
    Hi,

    I have a friend who has been given permanent residency. He is looking to support 6 members of his family that live overseas. What structures are available for him to put in his wages, then have these funds sent to his family?





    Johny.
     
  2. RB

    RB Member

    Joined:
    15th Jul, 2010
    Posts:
    8
    Location:
    Perth, WA
    Hi Johny,

    What do you mean by structures? Do you mean tax structures? Or just FX services?

    If it's the latter a lot of expats in Australia use services like HiFX.com, XE.com or ozforex.com.au. The rates are better than those at banks.

    I haven't used them myself but those three at least seem to be legit.

    RB
     
  3. Johny_come_lately

    Johny_come_lately Well-Known Member

    Joined:
    1st Jul, 2009
    Posts:
    703
    Location:
    SE Queensland
    Thanks RB,

    I mean both an Australian tax minimumization structure and a foreign exchange service. Wages will be saved here then transfered abroad. My friend's family live in africa, which makes transfers more difficult. The more money he can save, the more it can be split between his 6 family members. What would be best for my friend?





    Johny.
     
  4. Johny_come_lately

    Johny_come_lately Well-Known Member

    Joined:
    1st Jul, 2009
    Posts:
    703
    Location:
    SE Queensland
    Would a holding trust be worthwhile creating for overseas payment? The Aussie dollar is strong at the moment. How can I best help my friend?








    Johny.
     
  5. calvinhobbes

    calvinhobbes Member

    Joined:
    7th Oct, 2010
    Posts:
    20
    Location:
    Brisbane
    Pennytel

    Try Pennytel.com.au for your forex transfer. I found them cheaper than the rest.
     
  6. Johny_come_lately

    Johny_come_lately Well-Known Member

    Joined:
    1st Jul, 2009
    Posts:
    703
    Location:
    SE Queensland
    Is there any way to save on tax if your wage has to support many people?







    Johny.