Quote:
Originally Posted by calNgary
come on bob explain ?? im intigued as we didnt pay on taxes here on in the uk on our house sale money.
Cal x
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G'day
It was Min that told me tell her she was wrong - so I did.
The only way she was wrong however, was that she only told part of the story. With houses in the UK sold before you are an Aussie Tax payer, there will be no Aust tax applicable regardless of what you do with the proceeds.
If you come to Aust on a temporary visa and your house proceeds are invested in the UK or Jersey or anywhere outside Australia, no Australian tax is payable.
Regardless of your visa status, if you deposit the proceeds of your house sale in an Aussie bank, you will pay income tax but only on the interest earned. The rate of Aussie tax will vary according to your status.
If you sell your house in the UK and move to Aust on a permanent visa and become a resident tax payer, then the interest earned on the house proceeds will be considered as income and taxed here in Oz regardless of where the money is invested. If you invest the money in the UK or Jersey or wherever and there are currency fluctuations that make you money, that capital gain can be taxed here too.
With all of these things, the full story can be more involved than just a simple yes, or no. That is why it's best to speak to an accountant or financial advisor to get information specific to your situation.
