Capital Gains Tax
#1
Forum Regular
Thread Starter
Joined: Aug 2006
Location: Narangba Queensland
Posts: 55
Capital Gains Tax
Hi
Can anyone answer the following:
If I rent out my house in the UK whilst first in Australia. Do I pay any (and what percentage) CGT in Australia if I decide to sell it? I will be renting in Australia to start with. Also if you inherit monies in the UK (which are eligible for UK CGT) do you pay twice (once in UK once in OZ)?
I know that these may be hard questions to answer (we all know how hard tax can be to understand)! But maybe someone has personal experience.
Thanks fo you assistance
Geoff
Can anyone answer the following:
If I rent out my house in the UK whilst first in Australia. Do I pay any (and what percentage) CGT in Australia if I decide to sell it? I will be renting in Australia to start with. Also if you inherit monies in the UK (which are eligible for UK CGT) do you pay twice (once in UK once in OZ)?
I know that these may be hard questions to answer (we all know how hard tax can be to understand)! But maybe someone has personal experience.
Thanks fo you assistance
Geoff
#2
Re: Capital Gains Tax
Originally Posted by mordechaivanunu
Hi
Can anyone answer the following:
If I rent out my house in the UK whilst first in Australia. Do I pay any (and what percentage) CGT in Australia if I decide to sell it? I will be renting in Australia to start with. Also if you inherit monies in the UK (which are eligible for UK CGT) do you pay twice (once in UK once in OZ)?
I know that these may be hard questions to answer (we all know how hard tax can be to understand)! But maybe someone has personal experience.
Thanks fo you assistance
Geoff
Can anyone answer the following:
If I rent out my house in the UK whilst first in Australia. Do I pay any (and what percentage) CGT in Australia if I decide to sell it? I will be renting in Australia to start with. Also if you inherit monies in the UK (which are eligible for UK CGT) do you pay twice (once in UK once in OZ)?
I know that these may be hard questions to answer (we all know how hard tax can be to understand)! But maybe someone has personal experience.
Thanks fo you assistance
Geoff
#3
Forum Regular
Joined: Jun 2005
Posts: 69
Re: Capital Gains Tax
Originally Posted by tabby
You would be better off to email the tax office , you don't need to give personal details the website is www.ato.gov.au they are very helpful
If you do email the TAX office , would you post their reply on here , I'd be interested to see what they say .
Thanks
#4
Re: Capital Gains Tax
You only pay capital gains tax if you make a capital gain. If you rent out your house and you make a capital gain when you sell it you and you are tax resident in Australia you will pay capital gains tax in Australia based on what it was worth when you first became tax resident in Australia.
If you inherit money you don't pay tax the person who dies does.
You really need to go and see an accountant who will charge you lots of money to advise you on all these matters. Get him/her to put it in writing so that if it turns out they were wrong you can sue them.
If you inherit money you don't pay tax the person who dies does.
You really need to go and see an accountant who will charge you lots of money to advise you on all these matters. Get him/her to put it in writing so that if it turns out they were wrong you can sue them.
#5
Re: Capital Gains Tax
Originally Posted by mordechaivanunu
Hi
Can anyone answer the following:
If I rent out my house in the UK whilst first in Australia. Do I pay any (and what percentage) CGT in Australia if I decide to sell it? I will be renting in Australia to start with. Also if you inherit monies in the UK (which are eligible for UK CGT) do you pay twice (once in UK once in OZ)?
I know that these may be hard questions to answer (we all know how hard tax can be to understand)! But maybe someone has personal experience.
Thanks fo you assistance
Geoff
Can anyone answer the following:
If I rent out my house in the UK whilst first in Australia. Do I pay any (and what percentage) CGT in Australia if I decide to sell it? I will be renting in Australia to start with. Also if you inherit monies in the UK (which are eligible for UK CGT) do you pay twice (once in UK once in OZ)?
I know that these may be hard questions to answer (we all know how hard tax can be to understand)! But maybe someone has personal experience.
Thanks fo you assistance
Geoff
He said proceeds from UK property sale is just deemed as cash and not taken into account.
Last edited by The Bloke; Aug 8th 2006 at 12:53 pm.
#6
Re: Capital Gains Tax
I would suggest contacting the ATO and getting a reply in writing for your own personal situation as there seem to be some differences in opinion with regard to this.