Hi
please would someone advise: If I were to sell a house in Adelaide - what sort taxes/fees am I liable to pay and to whom?

Thank you

There's not enough information in your question. For example, where will you be tax resident when you sell the property? Will you have occupied the property as your main residence before you sell it?

This is the type of situation where formal assistance might be the best (and cheapest) strategy ...

Best regards.

quote:

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Originally posted by gdcollectables:
Hi
please would someone advise: If I were to sell a house in Adelaide - what sort taxes/fees am I liable to pay and to whom?

Thank you

---

Alan Collett
alan-at-gomatilda-dot-com
Registered Migration Agent Number 0102534
and a Fellow of the Institute of Chartered Accountants in England and Wales
http://www.gomatilda.com and
http://www.collettandco.co.uk
Offices in Southampton, England; Perth, Australia; and Melbourne, Australia

Hi

Sorry about that - I was trying to keep it short and to the point!

Here goes, with more detail: My family are planning to move to Adelaide, we will be buying a house there. After a while we plan to sell the first house and buy something more expensive.

Will we incure taxes and fees from selling the first house, what sort of percentage and to whom will they be payable?

Many thanks.

Not a problem!

Can I suggest that you request my tax factsheet on Moving Overseas and Letting a UK Property, from this website?
http://www.collettandco.com/factsheet.cfm

Beyond that factsheet I would usually "crunch some numbers" and report to clients to illustrate the various possibilities and where the tax would be payable. If you would like me to advise further maybe you can send me an email? I can then email you a Tax Planning Questionnaire for completion and return, after which I can send you a fee proposal by email for an initial report that would discuss the relevant issues, and would get you to a position from which you can make informed decisions.

Hope this helps.

quote:

---

Originally posted by gdcollectables:
Hi

Sorry about that - I was trying to keep it short and to the point!

Here goes, with more detail: My family are planning to move to Adelaide, we will be buying a house there. After a while we plan to sell the first house and buy something more expensive.

Will we incure taxes and fees from selling the first house, what sort of percentage and to whom will they be payable?

Many thanks.

---

Alan Collett
alan-at-gomatilda-dot-com
Registered Migration Agent Number 0102534
and a Fellow of the Institute of Chartered Accountants in England and Wales
http://www.gomatilda.com and
http://www.collettandco.co.uk
Offices in Southampton, England; Perth, Australia; and Melbourne, Australia

Hi, again, Alan,

It looks like we're still at cross purposes!

We will not be renting out a house in the UK - as I've already mentioned - we are moving to Adelaide!

A bit of extra info - my husbands Australian and we will be tax residents in Adelaide!

Hope this adds more clarity?

Then leaving aside Stamp Duty you probably don't have an exposure to tax in Australia on the sale and purchase of a property, as the disposal of a property that is your main residence is exempt from the charge to CGT (as in the UK).

Stamp Duty is a State tax and so it varies from State to State. Can I suggest that you do a search on http://www.google.com.au for Stamp Duty in South Australia?

Also, have a look at www.realestate.com.au , as there might be a link or two there.

Hope this helps.

quote:

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Originally posted by gdcollectables:
Hi, again, Alan,

It looks like we're still at cross purposes!

We will not be renting out a house in the UK - as I've already mentioned - we are moving to Adelaide!

---

Alan Collett
alan-at-gomatilda-dot-com
Registered Migration Agent Number 0102534
and a Fellow of the Institute of Chartered Accountants in England and Wales
http://www.gomatilda.com and
http://www.collettandco.co.uk
Offices in Southampton, England; Perth, Australia; and Melbourne, Australia

Thanks, Alan!

If you or your husband have never owned a property in Australia before you will also be entitled to the FHOG of $7,000 so long as you live in the house for at least 12 months.