Guest alfixie Posted February 3, 2008 Share Posted February 3, 2008 Does anyone know if we move to Oz and sell our house in the UK at a later date will we be taxed on this money when bringing it into Oz.:unsure: Thanking you in advance for any replies. Marina. Link to comment Share on other sites More sharing options...
Guest Scardycat Posted February 3, 2008 Share Posted February 3, 2008 Think I read a thread that said if you leave it for more than a year you will get taxed on it, but not sure try doing a search of older threads. regards Cat Link to comment Share on other sites More sharing options...
Guest Liam Posted February 4, 2008 Share Posted February 4, 2008 No you will not be taxed on moving the funds from sale of you home or normal savings to OZ. You may be taxed on the earnings in that account for that year (the interest earned on the account) either in OZ or UK depending on your Tax Status. But you will not be taxed in both as you get credits in OZ for any tax paid in the UK and vice versa. You may need to fill in a form R105 and submit it to you bank. It with can be downloaded from the HMRC site or your bank may have one. Check with your bank and tell them you are moving overseas. Moving Pensions is a different story and you should get specific advice on these. Hope this helps. Liam Link to comment Share on other sites More sharing options...
MACDONALDO67 Posted February 4, 2008 Share Posted February 4, 2008 What if you opened an account with the Australian Commonwealth Bank in London and upon the sale of your house have the proceeds paid into that bank account. When you move to Oz and transfer over addresses would this be an idea ? :idea: Is this a way around it ? Link to comment Share on other sites More sharing options...
Guest Liam Posted February 4, 2008 Share Posted February 4, 2008 What if you opened an account with the Australian Commonwealth Bank in London and upon the sale of your house have the proceeds paid into that bank account. When you move to Oz and transfer over addresses would this be an idea ? :idea: Is this a way around it ? It just depends on where you are "tax resident". You will pay tax in one jursidiction or another but not in both. It is best to get good tax advice and Alan Collett is probably your best port of call . He is a senior member on here or you can get him via his website on Go Matilda - Your Gateway to Australia - Visa, Tax and Financial Planning for Australia Better to pay and get decent advice than pay penalty tax and interest at 14% to aussie Tax Office! Liam Link to comment Share on other sites More sharing options...
MACDONALDO67 Posted February 4, 2008 Share Posted February 4, 2008 cheers for info Liam Link to comment Share on other sites More sharing options...
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