I sold a property back in the UK in Nov 2014, from when I became Permeant Resident the property value increased only by £20k since I became t to the point it was actually sold.
I’m a stay at home mum and I have no other source of income. Should I declare the UK property sale in my Australian Tax return for 2014/15?

TIA

Was it your primary residence in the UK?

Have you owned another property in Oz or have you been renting prior to the sale of the UK property.

No it wasn't my primary residence back in the UK. It was a buy-to-let. I own another property back in the UK, which doesn't generate any income.

My OH and I own the (highly mortagaged) property we live in here in Melbourne.

Well then yes of course it needs to be declared. Did you declare in the UK already?

Yes, I have declared it in my last self assessment with HMRC.

Well then any tax paid to HMRC can be used to offset the Australian liability. What visa where you on before you became PR?

I was on a 457 visa before I became PR.
HMRC haven't charged me any tax on it, as they added I will be charged tax in Oz.
Given my bleak finantial situation and meagre profits from my little buy-to-let venture, I'm worried I'm also gonna be hit for six by the ATO.

Well if no UK tax then no tax credit. You will pay tax on the profit at your marginal (highest) tax rate. Maybe talk to an accountant in Australia to ensure that you claim all the allowable expenses associated with the sale.

If your profit is meagre than your tax is meagre too, it is all in proportion.

By the way, shouldn't you have done the ATO tax return by now?

The ATO deadline is the end of May, if it's compiled by an accountant.

Hopefully, the tax I'll have to pay on that would be fair.

You'll be hit for six on the profits ...... ie the money you've made ....... but don't worry, the tax won't exceed the profit.

I'll keep you posted with the outcome, once I submit my tax return and I get a response from the taxman.

By the way, I got in touch with a tax accountant that specialises both in UK and Australian tax, they are based in Australia and they sounded ideal, but their fee at $425 is considerable higher than the tax accountant we have used before at $120.
Although the former one sounded experienced and competent wrt UK/AUS tax, I am in two minds wether that justifies their hefty fee.
Could anyone offer me their advice/experience on Australian accountants dealing with profits earned in the UK ?

You have said you have already dealt with the UK side of things and were assessed as no tax due. So if that is dealt with, you no longer need a UK / Aus accountant - you just need an Australian accountant from here.

I am telling you this as an accountant that has worked in Australia and the UK, but I am not an Australian tax accountant so not able to advise you per se, but just advising you of what help I think you need.

Speaking as an accountant who is qualified in the UK and Australia (maybe the same one as has been approached by the OP) I'd exercise caution if talking to an Aus tax accountant who charges $120 for a tax return.

I have spoken to many individuals who have previously (before approaching us) instructed low cost accountants who are simply not across the issues of visa status, exempt periods for CGT purposes, and the forex aspects relating to a redeemed mortgage following the sale of a property.

Remember also that the UK now (since 6th April 2015) has a CGT charge on non-UK resident individuals selling UK located residential real estate => there is an online tax return to be lodged with HMRC too.

Best regards.