cve721 Posted January 10, 2011 Share Posted January 10, 2011 :wub: Hi We are hoping to Emigrate to Aus and are trying to negotiate our way around the financial implications! My first question is.....If we rent our house in the Uk and then sell it later down the line when the exchange rate (hopefully) improves, will the money be taxed when we transfer it over? I have read/heard that if we bring the money with us we would be okay but if we brought it over after a couple of years, tax would be payable. Does anyone know if this is correct and if so what are the time scales...ie how long have we got to tranfer the money without penalty? We are hoping to get a 457 sponsored visa, initially it will probably be a 'temporary' before becoming permanent. If anyone knows of a website or individual who could answer all my questions please let me know. Hope you can help! Thank you Cathy x:wub: Link to comment Share on other sites More sharing options...
phyllis71 Posted January 10, 2011 Share Posted January 10, 2011 Hi Cathy Sorry I cannot help you,but I would really love the answers, as like you we were hoping to leave money. Lets hope someone can help. Good Luck. Link to comment Share on other sites More sharing options...
cve721 Posted January 10, 2011 Author Share Posted January 10, 2011 Hi Phyllis....well at least i know it isn't a dumb question if we both want the answer!! Is there anyone who can help us ???lol Cathy Link to comment Share on other sites More sharing options...
Guest PureFX Posted January 11, 2011 Share Posted January 11, 2011 Hi Cathy, I think this page here has all the answers you're looking for: Tax on selling property : Directgov - Money, tax and benefits From what I can tell you shouldn't have to pay tax on the UK home. Good luck! Link to comment Share on other sites More sharing options...
Peach Posted January 11, 2011 Share Posted January 11, 2011 Hi Cathy, I think this page here has all the answers you're looking for: Tax on selling property : Directgov - Money, tax and benefits From what I can tell you shouldn't have to pay tax on the UK home. Good luck! OP is referring to taxs payable after bring the money to Australia.. Link to comment Share on other sites More sharing options...
cve721 Posted January 11, 2011 Author Share Posted January 11, 2011 Thanks PureFX but i need to know what Oz tax we might attract....:embarrassed: Link to comment Share on other sites More sharing options...
Guest Bambulka Posted January 23, 2011 Share Posted January 23, 2011 Thanks PureFX but i need to know what Oz tax we might attract....:embarrassed: Hiya, I asked my financial adviser exactly the same question and I was told there is no tax on personal assetts when you bring them to Australia, there is also no time line of when you can do it. Link to comment Share on other sites More sharing options...
Guest Guest31881 Posted January 23, 2011 Share Posted January 23, 2011 This has been asked before and if I remember correctly we had a financial rep on who said..... You do not pay tax on personal assets that you bring over unless there is an element of profit, Interest earned while in bank. You cannot be taxed on the lump sum, only on the profit (interest). I also believe she stated that there is no time limit, Some members had been told (incorrectly) that they had 6 months. Link to comment Share on other sites More sharing options...
Guest Bambulka Posted January 23, 2011 Share Posted January 23, 2011 This has been asked before and if I remember correctly we had a financial rep on who said..... You do not pay tax on personal assets that you bring over unless there is an element of profit, Interest earned while in bank. You cannot be taxed on the lump sum, only on the profit (interest). I also believe she stated that there is no time limit, Some members had been told (incorrectly) that they had 6 months. That's what I have been told - 6 months! Then I checked it out and it's not correct, you can transfer at any time. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.