mary1967

I've read quite a few threads on here in respect of tax, capital gains tax and pensions and i'm still confused

Am i right in thinking that if you pay CGT in the UK before you arrive in OZ you don't have to pay it again because, after paying CGT and tax in the UK, this money isn't classed as income, rather as savings and is therefore exempt?

Also, from what i've read it would seem that tax is only paid on any gain after you become a tax resident in Oz, therefore, am i right in thinking that if you transfer your hard earned money and savings before you become a tax resident, you won't have to pay tax on it?

Or have i got it completely wrong? Any help would be very much appreciated!

Townley

Just posting a quick one as I would like to know the answer to this too... I'll be damned if I have to pay tax 2x over.. ive been saving bloody hard for the past few years!

Keith&Lol

As far as I know you don't pay tax twice. We sold our house, transferred it to Oz, didn't pay any tax and I think you have 12mths grace to transfer everything before you are taxed, not quite sure on that as I can't really remember. I do know that you don't pay GST (tax) on the first property you buy, and also you can claim first homeowners grant ($7000 in NSW) if you have never owned a property in Oz.
Somebody will be along shortly that will know 100%

Lol xx

mary1967

Thanks for the reply. When you first arrived in Oz, did you have to contact the Australian tax office and complete a tax form stating it was all savings/equity or is this done when you complete your first tax return?

Keith&Lol

Just done our first tax return,, the interest you make on your savings is classed as income so you get taxed on that, we never contacted anyone, the bank just advised us to put our money in a high earning account, we wern't told to contact the tax office, so didn't, went to an accountant today and nothing said. If you wanna talk figures or more detail just pm me.

Lol xx