How can I migrate to new iMac from an old G5?

My new iMac arrived today and I am having a bit of a problem transferring stuff from my previous one.

The oldster is a 2005 G5 model running 10.4.11 (Leopard I think?)

I have connected the two machines via ethernet cable, however they are not recognising each other on migration assistant.

I downloaded the migration and dvd/cd sharing update to my old computer before commencing.

The problem is that the new computer's migration assistant keeps telling me the other computer needs an update on its migration assistant. The old computer just searches in vain for the new one.

I have to my knowledge got old Mac as up to date software-wise as it will go.

I tried starting up pressing t, but it still wasn't recognised by new Mac.

I don't have a thunderbolt/firewire adapter to try with but doubt that is the problem. All advice seems to say ethernet will do just dandy.

What am I missing?

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