Departing Aus - Becoming a Non-Resident for Tax: CGT
 

Hi all,

I've seen that if you become a non-resident for tax purposes, you have to pay CGT on your Australian shares in addition to all overseas assets.

So, for example - if you owned a property in UK/ any where before you moved to Aus that would be subject to CGT on the price difference from date of entry to date you departed Aus (well, in cases such as you've become a citizen in that 10 year period) - all this despite the fact the asset hasn't been sold!

Has anyone had any experience of this? Or more especially the implications of deferring the CGT payment? Thanks in advance

Re: Departing Aus - Becoming a Non-Resident for Tax: CGT
 

Correct me if I am wrong. I was under the assumption that a non-tax resident only needs to pay taxes on incomes generated in Australia (subject to the marginal tax rate). I don't remember being asked to provide info on my overseas properties when lodging an annual tax return.

By contrast, you need to declare all your incomes from around the world if you claim to be a tax resident.