Quote:
Originally Posted by datum1m
Hi Andrew,
Are you saying the information in my original message is correct if migrating to Australia on a permanent resident’s visa?
If the property to be sold in the UK is your sole residence and you have lived in it for more than a year I didn’t think CGT applied to any of the money you may make from its sale.
When the information was given at the seminar I felt it was unfair that you had to sell your home in the UK and bring your money across within the six month period or have to pay CGT, because with the exchange rates and UK housing market being so bad at the moment it doesn’t give you the opportunity to hold onto your property for say a year to see how the market performs or sell it now and wait longer than six months to see if the exchange rate improves. Although the second option may be ok if you could open a Pound Sterling account with an Australian bank, because you would have then brought your money into Australia within the six month period and also have the opportunity to convert it into dollars when the exchange rates improve.
Regards
Nigel
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Hi,
Apologies, no CGT if it's your only residence. Additionally, if you have more than one, then this whole 6 month thing is still irrelevant. You get a cost base as of the date you enter Australia with a permanent resident visa. You will pay CGT in both countries, albeit on different gains, at different tax rates. You will get partial double tax relief.
Cheers, Andrew