tloring

In March 2015, we engaged expat tax specialists to help us out with the CGT calculation on a UK house sale, that we needed to provide to our tax accountant for our ATO Tax Returns that year. We had had the property valued at the point of emigrating (2011). The sales proceeds minus the valuation at point of emigrating minus the partial main residency discount minus the 50% discount for 12mths+ ownership, reduced the capital gains liability significantly. However, the big kicker was that we could also offset the forex implication of the mortgage from the point of emigrating to the point of sale, i.e. even though the GBP mortgage amount was the same from point of emigrating to point of sale (it was interest only mortgage), due to exchange rate change the cost of the mortgage redemption in AUD had increased significantly; and we were able to offset that AUD forex “loss” against the CG total. The expat tax specialist said that the same calculation spreadsheet could be used if and when we sold our other UK property.

We are now selling our other property in the UK. The ATO CG liability for the sale itself will be worked out in the same way, i.e. sales proceeds minus valuation at point of emigrating minus partial main residency discount minus 50% discount for 12mths+ ownership. However, for this property we changed from an interest-only to a repayment mortgage in 2015. This means if I use the same calculation for the forex gain/loss on mortgage redemption value between point of emigration to point of sale, it will actual result in an apparent AUD forex “gain” on the redemption, i.e. our mortgage redemption value is less now that it would have been a point of emigration because it has been a repayment mortgage, so of course the redemption is less.

My question is – because we changed the mortgage from interest-only to repayment in 2015 (4 years after we emigrated), I don’t understand how to include a forex gain/loss calculation on mortgage redemption in the overall CGT calculation.

I hope this question makes sense, and if so, does anyone have any guidance? Thank you.

Thanks tloring! Congrats to you too :biggrin: I'm heading to Melbourne and hoping to fly out on the 1st of March. Can't wait because my OH has been over there since October so it's been a looooooong wait! Where are you heading?

We are off to Brisbane - where wife is from. We are not in any rush and leaving in late July. However, this still seems like too little time to sort the house out, decide what is going and what is getting binned, and then trying to sell the house. I work away a lot and my wife looks after our 2 under 4s without any family support!

If your OH is already over in Oz, I assume that you have done all the international removals that you need to? Any advice?

Hey, just an update to let you know that my subclass 309 visa was granted today after four and a half months!!!! :smile::smile:

 

I wasn't expecting it for another few weeks but thought I'd give my CO a call to see how the application was going. His response was "I'm supposed to approve it later this month, but why don't I just approve it today?"!!!! The perfect response!

 

Good luck to everyone still waiting, it feels like an age waiting for the magic email, but it's worth it when it comes!!

Well done to you to Mikeslady. Luckily I have been aware on business so much over the last 4 months that the time seems to have gone quite quickly but lurking there in the back of my mind was whether the visa would be granted. It would have really screwed up our plans if it had been rejected.

Where abouts in Oz are you headed for?

WWWWWWWWWWWWWWWWWWWWWWWWWwwwwwwwoooooooooooooooooooooooooooooooooohhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhoooooooooooooooooooooooooo

 

our permanent resident spouse 100 granted today time to celebrate we are so happy and thanks to all on here for your help advice support

:biggrin::biggrin::biggrin::biggrin::biggrin:

Well done swifty. Congratulations. You have probably answered this elsewhere in this thread but where are heading to?

Have not been a regular to this thread but did post about 4 months ago. Just thought I would let people know that having lodged a Subclass 309 Spouse visa application in the middle of Sept'10, less than 5 months later I have been granted my visa. Also they said there was sufficient evidence of my relationship with my wife that they have made it the permanent Subclass 100 Spouse visa.

I have to be in Australia before 11th August, 2011 under the terms of the visa. Now the hunt for an international removal company.

Good luck to all of you who are applying, the wait is frustrating but timeline appears to be 5 months if not just less.

Hi

 

You are in a great position, they did this with us. It was a similar situation as your own and my husband has since been granted his Subclass 100.

 

It is so easy to be scared when new things happen, the fear of being turned down is always, no matter how unreasonably, there. Celebrate this and get the needed paperwork and look forward to getting you visa grant.

 

Good luck and try to chill and practice becoming an Aussie, you will soon be one. :hug:

Thanks sharonp53 & yugoj. I sent requested information off first thing this morning. It does sound like good news; saves hassle of re-applying for permanent visa later. It would be great to get it granted sooner than the 5-6 months that they are now quoting, we were hoping to get the house on the market sooner than 6 months time.

Our situation is so straight forward: my wife is Australian; I am British (never lived anywhere else but travelled quite a bit); evidence of being in relationship for 8 years, evidence of 5 years co-habiting, evidence of 4 years married; two children in last 3 years (both have Australian citizenship); no previous marriages or previous children (my wife or me); no criminal record; no medical issues; evidence that we are taking sufficient assets to cover two years of unemployment if necessary; nothing complicated. I can only assume 6 months processing in our case will be because after initial checks our file goes to the bottom of the pile to re-surface in 5.5 months time for our c/o approve (or not!!!).

Thanks again for you experiences.

Might it be that those periods you mention are slightly lacking in evidence on the relationship requirement? Perhaps they are thinking that you may be immediately eligible for the permanent visa, which is great news I would think!

Living up to your username:biggrin:. I am generally optimistic about things (I need to be to counter my wife's half empty glass), so I think this is an encouraging communication from the c/o.

Thanks for reply.

Got case officer assigned today, 4 working days after application received - so pretty pleased with that timing. But I am interested in what you guys think of the following:

I am not sure whether this is good news, i.e. he might be looking at processing this application as a Subclass 100 which would avoid applying for permanent visa within the two years of a Subclass 309 being granted. Or whether I just didn't submit enough evidence with the application. And also why the focus on Sept 2008 to Dec 2009?

Any thoughts or similar experiences?

First off congratulations to those that have recently received their visas and good luck to those that are waiting. As I posted on this thread yesterday, I have submitted my Partner Migration subclass 309 application today.

As an aside - SR1992 started this thread in April last year. SR1992 was applying for the same Partner Migration visa as I am, i.e. 47SP Subclass 309, and back then they were talking about a 12 week turnaround time. As I read more recent posts I see a theme that the visa application process is taking 4 months or longer. So is there a longer lead time now than 18 months ago?

P.S. Will I worry about this application? Of course! Will I tell myself that worrying about wont help? Of course! Will I continue to get stressed about it? Of course! Human nature I'm afraid - and I am not a particularly stressy person.

My first contribution to this thread, although I have been reading it for ages. I am British, my wife is Australian, we have two children born in UK but Australian by Descent. We currently all live in UK but are looking to migrate next year - Jul'11. Therefore, it is only me that needs to apply for Migration visa (Partner Migration - subclass 309)

As of tonight I have completed everything for my application (2 painful months in the preparation!). We have not use an agent as I figured that our case is relatively straight-forward. Only complexity is that my wife has been in UK for 10 years and as my sponsor has had to provide additional commentary on how she will be able to fulfil her sponsorship duties once in Oz - but we are taking quite a bit of money & assets when we migrate, which we have declared in the evidence, so hopefully this will help.

Character (police) checks done - tick. Meds done last weekend at Brentwood Hartswood Hospital - tick. All statutory declarations and evidence done - tick. 47SP, 80 & 40SP all done - tick. All necessary certified documents done - tick.

So I will be submitting tomorrow via special delivery to Australian Embassy, London. The clock will start ticking then and I will keep this thread updated with the timeline.

Fingers crossed.