PeteY

Just wondering what happens with regards to gains taxes when you sell if your in oz....do you get taxed twice (by oz and Uk?)?

What about the dividends?

Do i have to include them on my oz tax return AND do a uk on?

How can i find out for sure?

Cheers

Pete.

The Tooth Fairy

UK & Aus have tax treaties to avoid double taxation. You will be assessed under Aus tax law on capital gains and income including dividends.

Australian Taxation Office

PeteY

Thanks for the link.

Pete.

Kiwipaul

Don't know if this will help, because I moved to NZ 10 years ago, before the internet, but I held stocks in UK. I declared my income from my UK stocks to the NZ taxman and he only taxed me half of what I was liable for because I'd also paid tax in the UK.
I've since sold all this UK stock and as their is no CGT in NZ I didn't have to pay any CGT. According to my info as I was no longer resident in the Uk I didn't need to declare it to the UK taxman, so wasn't taxed on it either.

I've never submitted a tax return to the UK since I left the Uk (to much trouble initially) as I belive I was paying too much tax anyway (didn't claim rebate due to double taxation agreement).

Still have a Current account in UK in case I go back for holiday with couple of thou in, but no communication with UK tax office since I left. Didn't even submit tax return for final year or inform them was leaving (ignorance is bliss).

Australian taxman wiill want to know about your UK income and any capital gains once you become resident in Oz.

dracupg

You will need to declare all dividends and interest on your Oz tax form. I am in the process of doing this rigjht now. Only basic rate tax will be deducted from dividends and interest, you will have to pay the difference if you are a higher rate tax payer.

The issue about PEPs and ISAs is a little unclear, as there is no direct equivalent over here, I am not sure they recognise the tax free status of the income generated in these.

Made sod all on shares, so CGT has never been an issue for me

pommie bastard

The answer as the replies have told is Yes the Taxman here believes in double tax , welcome to the land of tax them till it hurts , unless you are that fat Bastard Kerry Packer .

Kiwipaul

PB got it wrong again (when does he get it right).
Yes both countries do tax you, but only about half each, as they make allowance for the tax you pay in the other country. For your UK div you will have paid full tax in the Uk and so you will have to submit a tax return to get half back. In Oz they will tax you about half, because the other half you have paid to the Uk taxman.
That is what the double taxation agreement is all about.
Basically you will pay the approx same tax 50% to Oz and 50% to UK taxman. Their is a table for the exact proportions somewhere on the tax site.

pommie bastard

Tell me that one from Yesterday Pal about the pound going up against the rubber dollar , you were spot on again not.

Love the Autralian tax office back taxing private Pensions left in the UK , you live in wonderland .

They also stop any pension payments you get from UK again'st any Aussie pension you may get.

Tax and Tax again its the aussie way , too few UTE men pay their way and too many on welfare pay roll.

Roger

Friend of mine over in the UK at the moment. Hospital Consultant. Lives in Oz. She's doing a few months working exchange.

She was surprised to know, according to some, that she was going to be taxed by Oz on her UK earnings. She's claiming the UK tax back, and says that as far as Oz taxman knows she's on holiday.

Roger

PeteY

Thanks for the replies.

One more question....

When does the aussie tax year run?

Cheers.

walaj

1 July to 30 June