G&J

Is it true that after you set foot in Aus to start your visa you have only six months in which to transfer all your money otherwise you will be charged a capital gains bill of 50% ??
We plan to holiday in Feb to verify visa & sell house during the later part of 2004.
HELP!!!

JaneandJim

No, you're a bit muddled!

You'll only be taxed in OZ once you've moved there permanently.
There will be a capital gains tax to pay on the difference in exchange rates between the day you emigrate and the day you bring money into the country. If the exchange rate has gone down, you will have made a capital loss, so you can offset that against you're overall tax bill.

If you wait more than 12 months to trasfer the money, then you will get a 50% discount on the CGT, ie. you will only pax tax on half the gain.

Jane

G&J

So i presume when we go to verify our visa this is not counted as emigrating or is it.
Would this mean everyting is based on the exchange rate when we holiday

JaneandJim

No, you don't emigrate until you go there permanently. You'll have to check the exchange rate on that date.

Jane