joe and sheila

at the momemt we recieve some family assistance -- when we sell our house in the uk( or should i say if we EVER sell our house ) and bring the money over( to build) do you declare this as income?

anyone in the know?

fraser

I wouldn't have thought so as it's not earnings.

We claimed when we first arrived and had $340000 in the bank.

ABCDiamond

They are only interested in the Profit, or the Loss, you make. Not the capital sum.

There is NO asset test for this.

Hafan

Its not income, but if you make a loss or a gain on the exchange of the money (this is difference between the amount you would have got for the money when you became a tax resident in Australian and how much you get for it now) then this goes on your tax return as a capital gain or loss.


Edited - forgot to say it does not affect your family assistance at all.

JAJ

If the capital gain relates to the sale of a main residence then it *might* not be taxable (depends on circumstances).

Hafan

Hi JAJ
I was thinking more about the capital gain / loss on the currency when it is transfered. I don't think there is a capital gain on the sale of the property unless they have bought another house here.

Thanks
Hafan

joe and sheila

thanks for all your responses

sheila