Don QuayPoly Posted February 10, 2023 Share Posted February 10, 2023 Did I read that correctly- that the ATO may deem you (me) to have disposed of an overseas asset, when leaving AU ? So , when I left the UK 15y ago, I rented out my old home. Now I’m planning on returning to live in it. Will the ATO really demand a fee, and deem that I have disposed (sold) this asset when I leave ? Sounds like a real kick in the guts. Tax - don’t you just love it Quote Link to comment Share on other sites More sharing options...
Ken Posted February 10, 2023 Share Posted February 10, 2023 7 hours ago, Don QuayPoly said: Did I read that correctly- that the ATO may deem you (me) to have disposed of an overseas asset, when leaving AU ? So , when I left the UK 15y ago, I rented out my old home. Now I’m planning on returning to live in it. Will the ATO really demand a fee, and deem that I have disposed (sold) this asset when I leave ? Sounds like a real kick in the guts. Tax - don’t you just love it That is what the law says. But it also gives you the option to choose to disregard all gains and losses until you dispose of the assets and when you do dispose of them the double-taxation agreement between the UK and Australia comes into play, which says they are only taxable in the UK (that's providing you are residing in the UK). 1 Quote Link to comment Share on other sites More sharing options...
Ken Posted March 3, 2023 Share Posted March 3, 2023 On 10/02/2023 at 19:08, Ken said: That is what the law says. But it also gives you the option to choose to disregard all gains and losses until you dispose of the assets and when you do dispose of them the double-taxation agreement between the UK and Australia comes into play, which says they are only taxable in the UK (that's providing you are residing in the UK). I've just reread this and it's occurred to me to point out that this double-taxation agreement is only applicable to UK assets. If you have overseas assets elsewhere in the world Australian tax may still apply to the disposal. Quote Link to comment Share on other sites More sharing options...
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