I understand that from 1 July 2006 temp residents in Oz will be treated as non residents for capital gains tax. Does anyone know therefore under the new legislation whether the capital gains arising from the sale of real estate which one has lived in whilst in Oz will be taxed?

- In answer to your question, probably not, as capital gains and investment income arising post 1 July 2006 in the hands of "temporary residents" should be outside the scope of Australian tax.

- Be clear on the scope of a "temporary resident" for the purpose of the new tax legislation.

- Even if you were a tax resident of Australia and unable to make use of the new tax provisions you might find there is no CGT to pay, because of the exemption that is available where a property is income generating for up to 6 years, and where there is no other dwelling that is owned and considered to be the taxpayer's main residence.

- Please send me an email or a Private Message via this forum (click on my name adjacent to this post and then Invite to a Private Topic) if you want me to consider your situation more fully and to advise you of my fee for so doing.

Best regards.

quote:

Originally posted by karl2c:
I understand that from 1 July 2006 temp residents in Oz will be treated as non residents for capital gains tax. Does anyone know therefore under the new legislation whether the capital gains arising from the sale of real estate which one has lived in whilst in Oz will be taxed?