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Originally Posted by Nom&Nat
Firstly hello to all
I've heard so many different stories on this Aussie tax dilemma!
Lets say for example a couple migrate with £150k from the proceeds of their property sales - will they or won't they get taxed on this sum? Second example: If the couple migrate to Oz for say 2-3 years, decide its the place for them so they come back to the UK to sell their properties and can bring around £150k back into their adoptive country - will they be taxed on this? If yes - how much? I hope I am clear about what I am asking...
Any ideas what would be the best way forward in this or a similar situation????
Regards
N & N
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In the UK you don't pay capital gains tax on any profit you make on selling your sole domestic residence.
These examples may help
http://www.gomatilda.com/news/article.cfm?articleid=327.
Someone posted this last year, I'll try to find the link but the gist of it is ............whatever you own on the day you arrive in Aus. is yours, and
not subject to Aus. tax, be it shares cash,gold,house where ever in the world it is.From the day you arrive whatever you earn
is subject to Aus. tax.this may take the form of any interest , dividends, increase of an assets value(capital gain) again where ever in the world it is.
Re your second point it would be prudent to take an inventory of what you're worth in £££'s, when you leave the UK....house valuation,being the most obvious, transfer values of pensions,share prices etc. and also the
exchange rate on the day you leave,so when the time comes you can accurately establish the gains(or losses) that you have made for Aussie tax assessment.
