YFitz

We fly on the 6th of Jan but our house sale has fallen through, therefore we wont be bringing the proceeds from our (eventual) house sale into Oz until after we are resident.
Anyway, my question is, how do the Oz tax people work out any capital gains? I have the house details that are given out to viewers and that has the guide price but is that enough evidence for them to do their calculations? We only had one valuation so I don't have anything in writing from any other agents. Any advice/suggestions??
Cheers
yv

Kiwipaul

Simple ans is the Oz tax man dosn't work out the capital gains as it's a self assessment system and you have to declare the Capital gains on your tax return. So long as you are not intending to hold the house for years you could ignore any capital gain as you are just as likely to make a loss (your asking price might have to drop to get a sale so you've made a loss on the origional price).

I don't believe the Oz tax man would bother chaseing this up as you are a new arrivial and so long as you only rent in Oz to begin with you can claim your UK house as your principle place of residence for up to 6 years with no Oz tax liability. You can only have ONE principle place of residence that is free of CGT so don't buy a house in Oz untill you've sold the one in the UK if you are overly concerned about the tax liability.

Rupes

also take a copy of your house sale flyer or get a valuation (on the high side if pos

YFitz

Thanks kiwipaul and rupes. Yu've put my mind at rest
Cheers
Yv