1. The first European landfall of Australia is attributed to whom?
2. In what year did James Cook map the east coast of Australia, name it New South Wales, and claim it for Great Britain?
3. What major economic phenomenon beginning in 1851 in Victoria eventually led to the White Australia policy?
4. What is Australia’s official national language?
5. According to the 2006 census, what was the second most followed religion in Australia?

Check your answers here!

Author: Kay McMahon

Kay has been an expat for over 20 years. She set up the British Expat website more than 10 years ago, whilst living in London and missing the expat life. These days she spends much of her time lugging computers and cameras around the world. (Dave gets to deal with all the really heavy stuff.)

In 2006 the United Kingdom relaxed some of the rules regarding the migration of UK pension funds. The change allows most UK citizens who migrate to another country, including New Zealand, to transfer their UK pension funds to a Qualifying Recognised Overseas Pension Scheme (QROPS) in the country to which they have migrated. After a period of time, the taxpayer can access the funds without a penalty being imposed by the UK revenue authorities.

We understand from discussions with the Inland Revenue Department that New Zealand has been the new home for approximately 300,000 migrants since the introduction of the New Zealand foreign investment fund (FIF) regime in 1992.

The FIF rules tax overseas retirement funds in advance of the funds being distributed. The result is often harsh annual tax charges on the overseas superannuation assets in terms of both the overseas currency swing against the NZ dollar and the value growth within the fund itself. The regime has strict compliance and notification rules and severe penalties for non-compliance. It is a productive audit ground for the IRD.

In the past, many individuals holding UK-based superannuation interests were in the fortunate position of being eligible for a number of exemptions from the FIF regime which are based on the taxpayer being prohibited from cashing in their foreign superannuation prior to reaching retirement age. However, with the entry into force of the UK’s QROPS legislation in early 2006, it is now possible in many cases for a New Zealand resident who has a UK pension scheme to cash it in. This ability to cash in the pension early means that one of the FIF exemptions previously available before the UK QROPS changes is no longer available. The upshot of this is that an individual living in New Zealand is now likely to be subject to New Zealand tax on their UK retirement funds.

It is important to note that the loss or otherwise of the New Zealand exemption does not depend on whether there is actually a transfer to a New Zealand QROPS. The fact that such a transfer is possible is enough to remove the availability of the exemption.

The news is not all bad, however, as in some cases an individual may have a loss in respect of their UK pension which in some income years can be used in New Zealand to offset other income such as salary. For example, the global financial crisis and the devaluation of the pound sterling against the New Zealand dollar over the past few years means that most United Kingdom pension assets will have suffered economic losses as calculated under the New Zealand rules.

At 1 April 2007 some major changes to the New Zealand rules were introduced. These were mainly in relation to overseas shares and the introduction of the 5% fair dividend rate method. However, one important change for investors in overseas retirement funds was the relaxation of the rules which previously prevented the offsetting of losses against other income. From 1 April 2007 to 31 March 2009 losses arising from overseas superannuation investments as calculated under the comparative value (economic value change) method could be offset against any other income. This ability to use losses was then removed with effect from 1 April 2009; however, the two-year window remains.

Taxpayers who hold interests in UK pensions that can be transferred to a New Zealand QROPS should realise that they are likely to be subject to the New Zealand regime from 6 April 2006 whether or not those interests are actually transferred. Accordingly, taxpayers should check to ensure that their circumstances continue to meet the conditions of any exemptions on which they relied prior to 1 April 2006. Taxpayers who are concerned about this issue should contact the writer to discuss their obligations and the possible tax refund upside through the loss of value that they have likely suffered during the period from 1 April 2007 to 31 March 2009.

This exposure to the New Zealand FIF regime may encourage those taxpayers to consider/reconsider moving those interests onshore into a New Zealand QROPS, to remove the New Zealand FIF exposure for years following the year of transfer. Anyone considering such action should seek independent financial planning advice well in advance of any decision.

Author: Andy Crossen

Andy Crossen is an Associate with Grant Thornton.

Grant Thornton New Zealand is one of New Zealand’s leading accounting, tax and business advisory firms dedicated to serving the needs of privately held businesses and public interest entities. We offer a full range of audit, business advisory, corporate finance, restructuring and tax services. As a member firm within Grant Thornton International we have access to member and correspondent firms in over 100 countries, offering our clients specialist local knowledge supported by international expertise and methodologies.
http://www.grantthornton.co.nz/

The local firms of Grant Thornton New Zealand are located in Auckland, Wellington and Christchurch.

Fiji is an incredibly beautiful country, the forests are green and lush, the sea is blue and has an incredibly rich ecosystem. Snorkelling was amazing along the reefs and inlets. The cities and towns are amazingly dirty with little to commend any of them for areas of beauty or architecture. The older colonial buildings are similar to colonial buildings all over the world – one wonders if the British got a little bored with the same style?

The infrastructure in Fiji is in poor shape, years of neglect have rendered the road system poor at best. The main road between Nadi and Suva is a two-lane highway full of twists, turns, potholes and speed bumps. It is not for the faint of heart and probably shouldn’t be driven at night unless in an emergency. Many of the water pipes leak and are ignored, some places end up going without water as Fiji Water struggles to make the system work. Electricity is for the most part reliable in the cities, not so much in the remoter areas. The police force is being re-vamped and corruption and poor practice are being dealt with, but corruption was deep and rank and it will be a long time before past practices are abolished.

The main harvest is sugar cane and last year the price of the sugar cane approached the price of production, so little or no profits for the farmers. Rain followed by drought reduced the crop yield and everyone seemed to suffer. This year (2011) due to some poor planning Fiji is importing sugar from Thailand to satisfy local demand. Next year Tate & Lyle have signed a better contract for Fiji and hopefully the sugar harvest will be better for all concerned.

Politically Fiji underwent a coup d’état in 2000 and is now run by Commodore Josaia Voreqe Bainimarama, who is an ethnic Fijian.

Bainimarama has taken power twice in Fiji’s history, the first time as Head of the Interim Military Government of Fiji from 29 May to 13 July 2000, after organizing a counter-coup to neutralize the ethnic Fijian putsch led by George Speight. He handed power over to the newly-appointed President Ratu Josefa Iloilo. He was instrumental in the rise to power of the government of the Prime Minister, Laisenia Qarase, but his intense criticism of the government’s policy of showing leniency towards persons implicated in the coup later strained his relations with the regime, and on 5 December 2006, he overthrew the Qarase government and announced that he had “reluctantly” assumed the powers of the presidency. He restored Ratu Josefa Iloilo to the Presidency on 4 January 2007, and was formally appointed Interim Prime Minister by Iloilo the next day. The appointment was declared lawful by the Supreme Court of Fiji in October 2008. Fiji’s Commodore Frank Bainimarama stepped down on 10 April 2009 as Interim Prime Minister, after the country’s Court of Appeal ruled the removal of the democratic government during his 2006 military coup was unlawful. President Ratu Josefa Iloilo then announced that he had abolished the constitution, assumed all governing power and revoked all judicial appointments. He reappointed Commodore Frank Bainimarama as Prime Minister. The media has dubbed Fiji a “Bainimarama republic”, a play on banana republic. (Wikipedia)

Bainimarama has declared that there will be public elections in 2014 and he will step down (again) for the elections.

There exists an interesting undercurrent in the relationships between the indigent Fijians and the Indian slaves imported by the British in the 1880s for the cotton crop. The Indians got freedom and have flourished, and now constitute the middle class, a few select areas of the upper class and some of the upper lower class. The Fijian hereditary Chiefs occupy some of the upper class as do many of the white immigrants, and the indigent Fijians compose all of the lower classes. I realise that class structure like this is outmoded but it is simplest to think in these terms for now. The Fijians resent the Indians’ wealth but do not seem to possess the same attitude towards work, planning, and business. At the same time the Fijians seem to be a happy people, content with their lot in life, but I sensed from many conversations with the staff at the resorts and people on the street that this status quo will not be like this for long. Many of the Indians I met were like the spivs of old London and could arrange deals and the like for you, nod nod, wink wink.

My overwhelming impression of Fiji is of the heat and humidity, there are few air conditioners (none in the arrivals area of the airport in Nadi) and you sweat from the moment you arrive. Food is expensive for the imported goods and pretty reasonable for the home-produced goods. Overall I found the people helpful and competent at what they do, but somewhat limited in their ability to think or perform “outside the box”. Fiji is where poor is really poor and wealthy is very wealthy and never the twain shall meet.

I enjoyed my time there and would love to go back and perhaps work on a volunteer basis, but I couldn’t live there long term and I probably wouldn’t go back there for a holiday unless I was able to afford the better quality resorts.

Hope that’s helpful and I stand to be corrected on any and all information included.

There was no official recognition of the founding of this first penal colony for some time, but by 1808 colonists – especially freed convicts – were celebrating the anniversary with “drinking and merriment”. The first official celebration (named “Foundation Day” took place in 1818 under Governor Lachlan Macquarie. However, it wasn’t until the centenary celebration in 1888 that the other Australian colonies beyond New South Wales marked the date at all; they all celebrated their individual foundation dates. It wasn’t until 1994 that all the States and Territories celebrated a unified public holiday on 26 January.

The arrival of European settlers isn’t universally seen as a cause for celebration, of course. The 1938 sesquicentennial celebrations were observed as a Day of Mourning by Aborigines, and the 1988 anniversary was marked as a Day of Invasion protest. (Memorably, a flotilla of Aborigines sailed up the Thames and “claimed” Great Britain.) Various alternative dates have been put forward for a national celebration, but although most Australians now agree that the day should acknowledge the culture of Aborigines and Australia’s cultural diversity generally, a clear majority are against shifting the date.

On the last Sunday in September each year more than 1,500 historic vehicles line up at the start to play their part in perpetuating the legend of the Bay to Birdwood. YOU can be there too!

The next Bay to Birdwood event will be the “Run” staged on Sunday 26 September 2010.

The 2010 Run will be for vehicles manufactured before 31 December 1955.

As well as the Run itself there will be entertainment, food and drink, and prizes for fancy dress (period dress), so there’s lots to do for a fun day out.

Please visit their website for more details of the event.

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