pudnut

I think I've read here somewhere that upon entering Oz as a mirgrant, money you bring with you is not liable for tax.

What happens if you then migrate and settle in Oz but keep your house in the UK. Then after a couple of years decide to sell your house.
Would the money you get from the sale of the house be liable for tax then?

Is there a time limit for bringing over money without paying tax once you've emigrated?


Anyone know?

Pudnut....

renth

I think the case is if your house has gone up in value you are taxed of the amount it has gone up. Not the whole amount.

It does beg the question, why can't you put a grossly inflated figure for the value of your house to cover yourself for future rises?

I know you shouldn't do this, but do people do it?

Dan

pudnut

I didn't specifically mean house prices and an increased value, then pay tax on the difference, I was using it as an example of bringing money into Oz after your initial entry.

I'm under the impression that when you originally enter Oz as an immigrant, you can bring in as much money as you like tax free.

I was wondering what the score was on bringing money into the country at a later date. Would that be liable for tax?

Does this make more sense??

Nicstids

I think the point that was being made is that once you are aussie resident you will have to declare overseas assets in your aussie tax return including your UK house. So if you are letting it you may well pay aussie income tax on the rental. I think that you may well also be liable to aussie tax on any increase in value in the house. It's for that reason that we're thinking of selling our endowment policies now because, as I understand it, once we're in Aus, we will have to declare their value in an aussie tax return and will be liable to pay tax on any increase in value.

I think you would need to look at the capital gains tax position as well. I'm not sure if CGT exists in Oz. It might be worth contacting Alan Collett about this.

Nicstids