Hi all.
Thank you all for your input. Much appreciated.
Sorry for the absence, but I have been waiting on some answers from my accountant in the UK and also financial advisors here in Australia regarding my situation so that I can make the correct and ethical decision.
Having spoken to them the following seems to be the case. I'd appreciated your thoughts on them as two heads are better than one as they say:
UK: as long as I confirm that I am definitely a non UK resident, I will NOT be liable for Capital Gains Tax on the sell off my property prior to April 2015.
Australia: the rule seems to be in line with selling a property over here in Australia: as long as I lived in the property in the UK once I purchased it (which I did, for 3 years) and have not lived away from it for more than 6 years (at the moment only 5), I will not be liable to pay Capital Gains Tax on the money I bring into Australia from the UK on the proceeds of the sell.
It might well be the case that the ATO will notice the transfer and ask for clarification, but as long as I can prove these points I should be fine.
So far so good........
All this being well and good, and knowing that I have done the right thing with both Tax departments regarding CGT I have a couple of questions that I'd like your input on:
* are there any other taxes that I need to be aware of when bringing money in from the UK to Australia?
* will the money be seen by the ATO as income and therefore will I be taxed at a higher rate for that year?
I presume that if the CGT issue has been dealt with, then there should be no other ties I need to be aware of?
Thoughts please?
Thanks.
Thank you all for your input. Much appreciated.
Sorry for the absence, but I have been waiting on some answers from my accountant in the UK and also financial advisors here in Australia regarding my situation so that I can make the correct and ethical decision.
Having spoken to them the following seems to be the case. I'd appreciated your thoughts on them as two heads are better than one as they say:
UK: as long as I confirm that I am definitely a non UK resident, I will NOT be liable for Capital Gains Tax on the sell off my property prior to April 2015.
Australia: the rule seems to be in line with selling a property over here in Australia: as long as I lived in the property in the UK once I purchased it (which I did, for 3 years) and have not lived away from it for more than 6 years (at the moment only 5), I will not be liable to pay Capital Gains Tax on the money I bring into Australia from the UK on the proceeds of the sell.
It might well be the case that the ATO will notice the transfer and ask for clarification, but as long as I can prove these points I should be fine.
So far so good........
All this being well and good, and knowing that I have done the right thing with both Tax departments regarding CGT I have a couple of questions that I'd like your input on:
* are there any other taxes that I need to be aware of when bringing money in from the UK to Australia?
* will the money be seen by the ATO as income and therefore will I be taxed at a higher rate for that year?
I presume that if the CGT issue has been dealt with, then there should be no other ties I need to be aware of?
Thoughts please?
Thanks.