Jump to content

You're currently viewing the forum as a Guest
register-now-button_orig.png
and join in with discussions   
ask migration questions
message other members

..and much much more!

Aussiebird

Selling UK home to buy in Australia

Recommended Posts

Hello,

Can anyone advise please?

If one sells a property the UK and transfers the money into an Australian bank account (which we have), to buy a property in Australia,  would the lump sum be taxed?

We are really not in favour of renting as want to own our first property in Australia when we move back. 

We hope to find jobs as quickly as possible but would we be expected to live off the money from the sale of our UK home? We have no savings. 

My husband would come over on a Partner Visa so i know he is entitled to Medicare etc....but cant remember about Centrelink whilst looking for employment?

I appreciate any feedback.

Thank you in advance.

Share this post


Link to post
Share on other sites

I don't believe the lump sum would be taxed but I'm sure someone more knowledgeable will come along.

You'll get nothing from Centrellink if you have money in the bank.


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

Share this post


Link to post
Share on other sites
12 hours ago, Aussiebird said:

Hello,

Can anyone advise please?

If one sells a property the UK and transfers the money into an Australian bank account (which we have), to buy a property in Australia,  would the lump sum be taxed?

We are really not in favour of renting as want to own our first property in Australia when we move back. 

We hope to find jobs as quickly as possible but would we be expected to live off the money from the sale of our UK home? We have no savings. 

My husband would come over on a Partner Visa so i know he is entitled to Medicare etc....but cant remember about Centrelink whilst looking for employment?

I appreciate any feedback.

Thank you in advance.

No, the lump sum is not taxed. You may be thinking of Capital Gain Tax (but this is based on the profit you make on a property sale not the amount of the lump sum) but as it's your home that'll be exempt.

Most Centrelink benefits (including the jobseekers allowance) have a 2 year residency requirement and an assets test so your husband wouldn't me eligible. If you have children however you can still claim Family benefits as these don't have the restrictions and are only assessed on your income.

  • Like 1

Chartered Accountant (England & Wales); Registered Tax Agent & Fellow of The Tax Institute (Australia)

Share this post


Link to post
Share on other sites
17 hours ago, Aussiebird said:

Hello,

Can anyone advise please?

If one sells a property the UK and transfers the money into an Australian bank account (which we have), to buy a property in Australia,  would the lump sum be taxed?

We are really not in favour of renting as want to own our first property in Australia when we move back. 

We hope to find jobs as quickly as possible but would we be expected to live off the money from the sale of our UK home? We have no savings. 

My husband would come over on a Partner Visa so i know he is entitled to Medicare etc....but cant remember about Centrelink whilst looking for employment?

I appreciate any feedback.

Thank you in advance.

Not necessarily.

Have a read of

http://guides.dss.gov.au/guide-social-security-law/4/6/3/80

And it may be worth giving them a call, as the timing of events may be important.

If you delay the sale of the UK property for some time there may be tax implications. But with brexit it is unlikely that you will have currency or capital gains in the short term.

 

Share this post


Link to post
Share on other sites
6 hours ago, Ken said:

No, the lump sum is not taxed. You may be thinking of Capital Gain Tax (but this is based on the profit you make on a property sale not the amount of the lump sum) but as it's your home that'll be exempt.

Most Centrelink benefits (including the jobseekers allowance) have a 2 year residency requirement and an assets test so your husband wouldn't me eligible. If you have children however you can still claim Family benefits as these don't have the restrictions and are only assessed on your income.

Thanks Ken. So with no job to start on arrival in Australia my husband wouldnt get job seekers allowanace whilst looking for work? Have things changed because im sure he got it when we last lived in Australia as he got permananet residency straight away on his 309/100 partner visa. As soon as he found work it stopped. Im an Australian Citizen so i got it too until i found work, which thankfully didnt take long. 

Share this post


Link to post
Share on other sites
6 minutes ago, Aussiebird said:

Thanks Ken. So with no job to start on arrival in Australia my husband wouldnt get job seekers allowanace whilst looking for work? Have things changed because im sure he got it when we last lived in Australia as he got permananet residency straight away on his 309/100 partner visa. As soon as he found work it stopped. Im an Australian Citizen so i got it too until i found work, which thankfully didnt take long. 

https://www.humanservices.gov.au/individuals/services/centrelink/newstart-allowance/who-can-get-it

Share this post


Link to post
Share on other sites
Posted (edited)
16 hours ago, Aussiebird said:

Thanks Ken. So with no job to start on arrival in Australia my husband wouldnt get job seekers allowanace whilst looking for work? Have things changed because im sure he got it when we last lived in Australia as he got permananet residency straight away on his 309/100 partner visa. As soon as he found work it stopped. Im an Australian Citizen so i got it too until i found work, which thankfully didnt take long. 

There's an exemption for Australian citizens which is why you would have got it but I'm not aware of an exemption for 309/100 partner visas. However the regulations change all the time so may well have been different when you last lived in Australia. Amongst the recent changes for visa's issued after 1 January 2019 most waiting periods are extended from 2 years to 4 years and there is now a one year waiting period for Family Benefit Type A (previously no waiting period) although there's still no waiting period for Family Benefit Type B.

Edited by Ken

Chartered Accountant (England & Wales); Registered Tax Agent & Fellow of The Tax Institute (Australia)

Share this post


Link to post
Share on other sites
20 hours ago, Aussiebird said:

Thanks Ken. So with no job to start on arrival in Australia my husband wouldnt get job seekers allowanace whilst looking for work? Have things changed because im sure he got it when we last lived in Australia as he got permananet residency straight away on his 309/100 partner visa. As soon as he found work it stopped. Im an Australian Citizen so i got it too until i found work, which thankfully didnt take long. 

Don't quote me.

But I believe under the partners visa, if you can show very strong links, children etc, then you can go straight to permanent residence. I remember researching it a few years ago. If that was the case, he may get it.

But you aren't talking huge sums with jobseekers anyway. If you are that short of money, can you not delay and save? Or stay with family?

Share this post


Link to post
Share on other sites
38 minutes ago, newjez said:

Don't quote me.

But I believe under the partners visa, if you can show very strong links, children etc, then you can go straight to permanent residence. I remember researching it a few years ago. If that was the case, he may get it.

 

Nearly correct.

If they have been married/de facto for 3 years, or 2 years if there are children from the relationship, then PR is granted straight off, no need for the 309 first.

Share this post


Link to post
Share on other sites
39 minutes ago, Nemesis said:

Nearly correct.

If they have been married/de facto for 3 years, or 2 years if there are children from the relationship, then PR is granted straight off, no need for the 309 first.

The residency rules for Centrelink apply to people with PR. It's citizens that are exempted. Most temporary residents are not entitled to benefits at all.


Chartered Accountant (England & Wales); Registered Tax Agent & Fellow of The Tax Institute (Australia)

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×