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Guest Mark70

CGT on Australian property

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Guest Mark70

I am hoping someone can help me out with the potential Australian and UK CGT liabilities on my properties. I moved to Australia in 1996 and bought a property there in 1998 and lived in it until I moved back to the UK in 2008. I also own a property in the UK which i bought in the 1970s and was my main residence prior to moving to Australia and is now my main residence again since i moved back to the UK in 2008. I still own both properties and have never rented either out. I am now resident and domiciled in the UK but visit Australia for holiday for 3 months each year. If I sell the Australian property now I am unsure whether I have any Australian CGT liability. I have read about the CGT exemption for main residence in Australia but it seems if you use this you cannot designate another property as your main residence. Does the fact that I am no longer resident in Australia and have a main residence in the UK affect the Australian CGT position ? I believe there may be some liability to UK CGT if I sell either property but I can mitigate a good proportion of this by using principal private residence relief for the periods of time that the respective properties were my main residence.

 

Any thoughts on the above appreciated !

 

Thanks.

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