Selling UK property

[Guest Kabooh]

Hi, We lived in Victoria for 3 years (have residency visas) and have returned to UK to look after a sick relative. Next year we plan to return to Victoria. We have a UK house we want to sell which has been rented out for 4 years (we are staying with sick relative). Has anyone got any tips on when we should sell our property to avoid paying huge amounts in tax. Do we need to live in it before we sell? What taxes will we pay in Australia as we intend to take profits with us to buy in Victoria? Thanks

[calNgary]

Sorry i wouldnt have a clue where to start but hopefully someone will be along soon who does..

 

Cal x

[Guest trophy]

Hi, We lived in Victoria for 3 years (have residency visas) and have returned to UK to look after a sick relative. Next year we plan to return to Victoria. We have a UK house we want to sell which has been rented out for 4 years (we are staying with sick relative). Has anyone got any tips on when we should sell our property to avoid paying huge amounts in tax. Do we need to live in it before we sell? What taxes will we pay in Australia as we intend to take profits with us to buy in Victoria? Thanks

 

We sold our house in UK after we arrived in Aus, we transfered our funds directly into our bank account, we did not pay any tax on the money brought in, we only paid tax on the interest earned once in Aus.

 

I suggest you talk with your bank to confirm this. it may have changed.

 

Good luck..

[vincentong]

i think in case u just have to declare you have bring in that " amount " of money into vic. i dont think tax is payable to u due on that particular money was not physically generate in vic.