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Cal2

Selling House in Qld

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Hi,

we're selling our house in QLD before returning to the UK - the agents have said that because its over $750k we need to complete an overseas resident form (yes, it sounds more complicated than it is and I totally understand why the form has to be completed), but the agents suggests seeking the advice of our tax agent or a solicitor. The form looks pretty straight forward though - can we just do it ourselves?

Secondly what tax implications are there when selling a house here and returning to the UK? We won't necessarily need to transfer the money straight away

 

TIA

 

Cal

 

 


Job offer April 2011, Reccie July 2011, 457 submitted 21/09/2011, my medical only 14/10/11, medical submitted 21/10/11 (IT issues), referred 21/10/11, approved 27/10/11, landed 24/4/12, PR submitted (decision ready) June 2012, PR granted August 2013

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57 minutes ago, Cal2 said:

Hi,

we're selling our house in QLD before returning to the UK - the agents have said that because its over $750k we need to complete an overseas resident form (yes, it sounds more complicated than it is and I totally understand why the form has to be completed), but the agents suggests seeking the advice of our tax agent or a solicitor. The form looks pretty straight forward though - can we just do it ourselves?

Secondly what tax implications are there when selling a house here and returning to the UK? We won't necessarily need to transfer the money straight away

 

TIA

 

Cal

 

 

Alan (Go Matilda) is the person to help with tax issues.  He has an excellent reputation on this forum. 

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10 hours ago, Cal2 said:

Hi,

we're selling our house in QLD before returning to the UK - the agents have said that because its over $750k we need to complete an overseas resident form (yes, it sounds more complicated than it is and I totally understand why the form has to be completed), but the agents suggests seeking the advice of our tax agent or a solicitor. The form looks pretty straight forward though - can we just do it ourselves?

Secondly what tax implications are there when selling a house here and returning to the UK? We won't necessarily need to transfer the money straight away

 

TIA

 

Cal

 

 

Obviously different states have different rules.  We sold our property in Victoria in March and had to sign some form which the solicitor dealt with as part of the conveyancing.  The money from the sale went into our Australian bank account and we transferred it in stages to our UK account.  There was no tax involved.

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We have just sold our property and filled out and submitted the form ourselves. It took 2 weeks to be issued as it needed manual processing (as we were late submitting this last year's tax return.) 

Provided you have lived in the house since you bought it and not used it to earn any income (hence no Capital Gains to pay), the money you make from the sale is yours. You can do whatever you want with it. If you leave the money here and you earn any interest, you will be liable for tax - however as said above, it is best to speak to someone like Alan from Go Matilda as I am unsure of what the tax laws are with regards to double taxation. 

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