Guest BLOWERS Posted August 11, 2008 Share Posted August 11, 2008 HI EVERY 1,IF YOU MAKE A PROFIT ON A HOUSE BOUGHT IN AUSTRALIA,AND YOU WANT TO RETURN TO THE U.K.ARE YOU ALLOWED TO TAKE THE PROFIT HOME.AS THERE ARE LOADS OF PEOPLE AT MY COLLEGE SAYING THAT YOU ARE NOT ALLOWED,PLEASE HELP AND REST MY MIND.THANKS.....:mask: Link to comment Share on other sites More sharing options...
Quoll Posted August 13, 2008 Share Posted August 13, 2008 If it is your family home then I think you are free from capital gains tax on it - CGT are the regulations to check out anyway. A cursory glance says that your family residence is exempt but if you have earned income from it in any way then you may be up for the portion of the income that you have earned from it. Looks like you will be able to pocket your profit and take it back with you. Link to comment Share on other sites More sharing options...
Guest Pinhead Posted August 13, 2008 Share Posted August 13, 2008 HI EVERY 1,IF YOU MAKE A PROFIT ON A HOUSE BOUGHT IN AUSTRALIA,AND YOU WANT TO RETURN TO THE U.K.ARE YOU ALLOWED TO TAKE THE PROFIT HOME.AS THERE ARE LOADS OF PEOPLE AT MY COLLEGE SAYING THAT YOU ARE NOT ALLOWED,PLEASE HELP AND REST MY MIND.THANKS.....:mask: There are no restrictions on transfering money between Australia & the UK or the other way around. You may or may not be liable to tax on the profit on your house in either country depending on your circumstances and where you are a taxable resident,visa status etc. Link to comment Share on other sites More sharing options...
KIRK AND CO Posted August 13, 2008 Share Posted August 13, 2008 i dont think many people need to worry about making a profit on oz homes at the moment capital gains on nougthing is nougthing. Link to comment Share on other sites More sharing options...
Guest Guest9973 Posted August 13, 2008 Share Posted August 13, 2008 I doubt very much that you would have to pay any tax on gains for a private property - after all if you loose out can you claim it back?? That's how the tax man works:cute: Link to comment Share on other sites More sharing options...
Guest Redaussies Posted August 13, 2008 Share Posted August 13, 2008 I'm not sure how this works but I have a friend, well more of an aquaintance really who sold his house in Perth and moved back to the UK after about 2 - 3 years. He sold up, banked his money then transferred his money to Uk and closed everything here, because he didn't like it here and had no intention of returning. I only know this because he was so mouthy when he came back and told everyone whilst slagging off Oz. He's not heard anything since going back.:skeptical: Link to comment Share on other sites More sharing options...
Guest Alan-Hobart Posted August 16, 2008 Share Posted August 16, 2008 In Australia when you sell a house that is your principal place of residence there is no tax to pay on any profit you make. Alan Link to comment Share on other sites More sharing options...
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