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Hi,my understanding is as follows.Whatever you OWN on the day you arrive in Aus. is yours, not subject to Oz tax, wherever in the world it exixts in whatever form-house,shares,cash,etc.But from the day you arrive whatever you EARN is subject to Oz tax- EARN meaning earned income, interest,increase in value of an asset(capital gain),dividend whereever in the world you earn it/wherever in the world the asset exists.I understand that you do not pay CGT on the proceeds from your house sale in the UK, if the house was your sole domestic residence.You will pay Oz tax on the interest this money accrues sitting in an Aus. bank.The tax rate depends on your other earnings- all earned and investment income is lumped togther in the tax year in which it was earned or realised.Once you're in Aus. when you sell an asset (investment) you are normally liable for CGT on the gains you make (from the day you arrive).As I say this is my understanding from reading other forums, posts etc. I'm pretty sure Alan will fill in the gaps or come to my rescue if I've got it wrong.You could try searching "capital gains tax" and see what comes up.Hope this helps
T
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| Posts: 30 | Location: Sydney, NSW | Registered: 02 August 2004 |  |
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Hi agin check out this link -it may help http://britishexpats.com/forum/showthread.php?t=353870&...t=capital+gains+tax, can I also suggest you search the British Expats site (to name but one) - there's heaps on this subject. T quote: Originally posted by Matthewrapley99:
Hi, I have just raised a question r.e. exchanging GBP to AUD whilst being an Australian tax resident. I think I understand the July 2003 / income tax exemption scenario.
HOWEVER......
Under what circumstances would capital gains tax be payable?
Please help as I have no idea how capital gains tax works in Australia
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| Posts: 30 | Location: Sydney, NSW | Registered: 02 August 2004 | |
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