Cgp Posted June 14, 2014 Share Posted June 14, 2014 We've had residency for almost 12mths and completed one tax return (before permanent residency though) and didn't think to declare ISAs, but do we need to now we have residency and what happens if we decide to cash the ISAs in? Do we have to pay capital gains and is this just on the money they have made since residency? Quote Link to comment Share on other sites More sharing options...
Peach Posted June 14, 2014 Share Posted June 14, 2014 (edited) We've had residency for almost 12mths and completed one tax return (before permanent residency though) and didn't think to declare ISAs, but do we need to now we have residency and what happens if we decide to cash the ISAs in? Do we have to pay capital gains and is this just on the money they have made since residency? There is no capital gains (unless a non cash ISA), any interest you make on UK ISAs is considered part of your overall Australian income and is taxed accordingly. This starts once you become a permanent resident / or resident for tax purposes. Edited June 14, 2014 by Peach Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted June 14, 2014 Share Posted June 14, 2014 CGT is payable in Australia when you eventually dispose of the investment. Assuming you are tax resident in Australia at the time. Best regards. Quote Link to comment Share on other sites More sharing options...
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