I'm British and currently living in the UK with my Australian girlfriend. We may look to move out to Australia at the end of 2019, depending on a few things. To make the decision easier I would appreciate any help to the following questions.
1) As I understand it the exchange rate on the date at which you become a resident for Australian tax purposes, will be used as a base for working out overseas capital gains in the future. If I move to Australia on a tourist visa and then apply for a de facto 820 visa in Australia, is the date i become resident for tax purposes the date I arrived in the country, the date I lodged my application for the de facto visa, or a later date when I have got my TFN and can officially work?
2) I have some money outside of investments and not gaining any interest in the UK - in various sports betting accounts and a sports betting syndicate specifically and I may choose to keep that money to bet with in the UK. If I did so and then transferred money across 2 years later for example at 1.9 dollars to the pound instead of 1.7 dollars to the pound, would i have to pay a capital gain on the increase in AUD worth, even though the funds are not actually invested in anything, so nothing is being sold and there isn't an actual real capital gain on the money?
3) Do you have to declare every single pound of investments and funds you have overseas when you become an Australian resident for tax purposes, or is this not the case?
4) Furthermore sports gambling is at the moment tax free in the UK and Aus. If I happen to make money after my date of Australian residence for tax purposes and then transferred across in a few years time at 1 pound to 2 dollars for example. Would I still be liable for a capital gain based on the initial 1.7 dollars to the pound rating, when I arrived, even though I made the money well after I became an Australian tax resident? Instead if i had lost for example £50k in sports gambling in the 2 years after I left in the UK, but the exchange rate had gone up to 2 dollars and I decide to send money over, would I still have to pay capital gains on the increase in AUD, despite me actually having lost money in the UK.
5) I also own a small flat in the UK, which we have lived in for the last year. If we were to move to Australia, and become a resident for tax purposes, but only rent in Australia, would I have to pay capital gains on my house in the UK (at 28%) if I was to sell it 3 years later, or would it still be classified as my home and therefore immune from capital gains tax, as I didn't yet own one in Australia?
Obviously I may win or lose sports gambling going forward and i understand losses can't be used as a capital loss for tax purposes. I know this a niche area, but any help or advice to let me understand the situation better, is much appreciated.
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