Guest gmwilliams Posted September 26, 2007 Share Posted September 26, 2007 Hi All out there. We will be moving to Australia in January 2008 and we have an invetment property here in the UK that we intend selling only after we are settled in Australia so as to avoid UK CGT. I believe that the Australian Tax Office will accept a value at the date of our move (for the calculation of Capital Gains Tax in Australia) and my query is what are the requirements of an apprpropriate valuation as I need to get this sorted ASAP. ie would a valuation from a High street estate agent be adequate or do i need to get and pay for the sworn valuation to be done by a qualified property valuator . Link to comment Share on other sites More sharing options...
Guest Gollywobbler Posted September 26, 2007 Share Posted September 26, 2007 Hi gmwilliams. Welcome to Poms in Oz. The person who can help with your query is called Alan Collett. He is a Chartered Accountant in both jurisdictions and he is also a Registered Migration, so he understands questions like yours from all the relevant angles, plus he knows the answers! He might reply to you on here - he does contribute to Poms in Oz regularly. However, please see this link as well: The Go Matilda Forums - Powered by eve community In addition, Alan has an accountancy practice in Southampton called Collet & Co. There are all sorts of articles about different aspects of Tax which can be downloaded from the Collett & Co website. You might find the answer you are looking for via one of the articles. I can't say for sure because I don't understand a word about tax! The website, however, is here: Collett & Co Cheers Gill Link to comment Share on other sites More sharing options...
Alan Collett Posted September 27, 2007 Share Posted September 27, 2007 Thanks Gill. To the OP: 1. Remember that the disposal has to be in a UK tax year in which you are NEVER tax resident (or ordinarily resident) to escape the charge to UK CGT. 2. What is your Australian visa status? Remember there are exemptions from the charge to CGT in Australia if you are a "temporary tax resident" (as defined) disposing of an investment property in the UK: Foreign income exemption for temporary residents - introduction 3. Australia operates a system of self assessment => so long as you have a reasonable basis for computing the assessable gain you should be fine. An independently prepared valuation of your property/ies from an appropriately qualified person should be a reasonable reference point. Best regards. Link to comment Share on other sites More sharing options...
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