hi, can anyone tell me if there are any tax implacations regarding renting my house out for the first year as oppossed to selling it, i.e. Transfering the money into oz a year later!

Hi Simon

I think you may be subject to Capital Gains tax in in Oz as it would be considered an investment property.

It's not a subject area I am very hot on but I know you would be best to sell it after you have been here 12 months as you will only pay capital gains on 50% rather than 100% of the profit.

I would check out with a finanical advisor to be sure.

Sharon
http://www.immigrateperth.com

This is a complicated one. I would also like to know when would I have to pay capital gains on our current home that we intend to rent out, would we have to pay from the start of the renting period or from the original purchase time of our house?

It depends on wether you intend to rent or buy in Australia.

If you rent you can claim your UK house as your principle place or residence for up to 6 years (even if its rented) with NO CGT liabilitites when you sell.

Once you buy in Oz that house becomes your PPOR and you would need a valuation of your UK house at that point. If you then sold within 12 months only CGT would be payable on the increase (less all cost involed with selling it) during that period. If you sold after 12 months you would only pay CGT on 50% of the gain.

This info concerns your OZ tax liability not sure about your UK tax liability