Daffyduck Posted February 1, 2022 Share Posted February 1, 2022 My wife and I are getting our visa application sorted out and are trying to figure out what to do with out main residential property and an investment flat. Originally, we had planned on renting them both out for a couple of years then selling if we're happy in Aus. Now, we're wondering if it would make more sense to sell before we go (easier than a long distance sale) and sit on the gains until 2023 when Australian house prices are (apparently) going to drop. Does anyone have any experience of this? Is there a "best" option for reducing tax liability? Quote Link to comment Share on other sites More sharing options...
Marisawright Posted February 1, 2022 Share Posted February 1, 2022 (edited) I don't think you should bank on that "house prices will drop in 2023" prediction. A lot of people have watched the market speed away from them while they've waited for the "inevitable correction". That said, I seem to recall you were taking a career break and comnig on a temp visa? if that's the case, then you'll get slugged tens of thousands in foreign buyer surcharge if you buy a home, and the "transition to PR" from a 482 visa is far from guaranteed, so I would be hanging on to your UK property until you've got your PR safely in your pocket. Edited February 1, 2022 by Marisawright Quote Link to comment Share on other sites More sharing options...
Daffyduck Posted February 1, 2022 Author Share Posted February 1, 2022 5 minutes ago, Marisawright said: I don't think you should bank on that "house prices will drop in 2023" prediction. A lot of people have watched the market speed away from them while they've waited for the "inevitable correction". That said, I seem to recall you were taking a career break and comnig on a temp visa? if that's the case, then you'll get slugged tens of thousands in foreign buyer surcharge if you buy a home, and the "transition to PR" from a 482 visa is far from guaranteed, so I would be hanging on to your UK property until you've got your PR safely in your pocket. Turns out I was mistaken on the visa subclass. My wife would be getting an employer sponsored 186 visa with PR. Quote Link to comment Share on other sites More sharing options...
ramot Posted February 1, 2022 Share Posted February 1, 2022 (edited) 1 hour ago, Daffyduck said: My wife and I are getting our visa application sorted out and are trying to figure out what to do with out main residential property and an investment flat. Originally, we had planned on renting them both out for a couple of years then selling if we're happy in Aus. Now, we're wondering if it would make more sense to sell before we go (easier than a long distance sale) and sit on the gains until 2023 when Australian house prices are (apparently) going to drop. Does anyone have any experience of this? Is there a "best" option for reducing tax liability? 1 hour ago, Daffyduck said: My wife and I are getting our visa application sorted out and are trying to figure out what to do with out main residential property and an investment flat. Originally, we had planned on renting them both out for a couple of years then selling if we're happy in Aus. Now, we're wondering if it would make more sense to sell before we go (easier than a long distance sale) and sit on the gains until 2023 when Australian house prices are (apparently) going to drop. Does anyone have any experience of this? Is there a "best" option for reducing tax liability? We have sold property from overseas, it’s not a problem. I just find the UK system of selling ridiculously slow/complicated. We have been quoted 16 weeks to finalise the sale of a chain free flat. you do need to remind your agent about the time difference regularly though!! Edited February 1, 2022 by ramot 1 Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted February 1, 2022 Share Posted February 1, 2022 The rebasing of the investment property for CGT purposes means it might make sense to defer the sale of this property until after you've become a resident of Australia/ceased to be a resident of the UK. Much depends on when you bought the investment property. As ever, the numbers need to be crunched to get an informed understanding. Happy to have a free chat - if of interest please complete the enquiry form at www.bdhtax.com Best regards. 2 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.