Money and Tax
Apr 29th 2004, 8:28 am
#1
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Thread Starter
Joined: Jan 2003
Posts: 270
Money and Tax
I have a looming dilema, I have a job to go to and I haven't sold the house yet.
Do I go now and leave parents to sort out the house?
As I don't have to start my job until September, do I wait for a couple of months?
If I leave and the house sells later, how long have I got to exchange my money before they call it an overseas income and tax the hell out of it.
I need to go NOW its killing me. Please tell me I can go now.
Do I go now and leave parents to sort out the house?
As I don't have to start my job until September, do I wait for a couple of months?
If I leave and the house sells later, how long have I got to exchange my money before they call it an overseas income and tax the hell out of it.
I need to go NOW its killing me. Please tell me I can go now.
Apr 29th 2004, 9:15 am
#2
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Posts: n/a
Re: Money and Tax
Originally posted by Whingin Pom
I need to go NOW its killing me. Please tell me I can go now.
I need to go NOW its killing me. Please tell me I can go now.
Seriously you can
The worst that could happen is that you pay some tax based on the EXTRA profit if you sell it at a higher price than the value of it at the time you become resident here in OZ.
Just make sure you have paperwork to prove it is already on the market at a reasonable price at the time that you become resident.
I can't see any other difficulty myself.
Apr 29th 2004, 9:32 am
#3
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Joined: Oct 2003
Location: Coogee, Sydney
Posts: 1,017
Re: Money and Tax
Originally posted by Whingin Pom
I have a looming dilema, I have a job to go to and I haven't sold the house yet.
Do I go now and leave parents to sort out the house?
As I don't have to start my job until September, do I wait for a couple of months?
If I leave and the house sells later, how long have I got to exchange my money before they call it an overseas income and tax the hell out of it.
I need to go NOW its killing me. Please tell me I can go now.
I have a looming dilema, I have a job to go to and I haven't sold the house yet.
Do I go now and leave parents to sort out the house?
As I don't have to start my job until September, do I wait for a couple of months?
If I leave and the house sells later, how long have I got to exchange my money before they call it an overseas income and tax the hell out of it.
I need to go NOW its killing me. Please tell me I can go now.
If you have someone who will sort out your loose ends in the UK, no worries mate, book that flight.
As ABC Diamond says, you will be able to prove you are selling your home so you won't have any problems with proceeds being assessable income. Different answer if you rent out your property but I guess this is not going to be the case.
You will be taxed on any forex gain you make on UK cash between date you become resident and when you transfer money over (may be a loss though !!) and on any interest earned.
Apr 29th 2004, 8:57 pm
#4
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Thread Starter
Joined: Jan 2003
Posts: 270
Cheers for the replies,
So lets get this straight,
I prove the house is on the market before I fly at market value,
I then fly to Aus,
The house sells and all I pay is tax on any earnings above that at which it would have made if I had sold before landing in Aus, eg. interest gained in the bank and/or exchange rate increase.
Does that sound right?
Cheers again.
So lets get this straight,
I prove the house is on the market before I fly at market value,
I then fly to Aus,
The house sells and all I pay is tax on any earnings above that at which it would have made if I had sold before landing in Aus, eg. interest gained in the bank and/or exchange rate increase.
Does that sound right?
Cheers again.
Apr 29th 2004, 10:31 pm
#5
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Joined: Oct 2003
Location: Coogee, Sydney
Posts: 1,017
Originally posted by Whingin Pom
Cheers for the replies,
So lets get this straight,
I prove the house is on the market before I fly at market value,
I then fly to Aus,
The house sells and all I pay is tax on any earnings above that at which it would have made if I had sold before landing in Aus, eg. interest gained in the bank and/or exchange rate increase.
Does that sound right?
Cheers again.
Cheers for the replies,
So lets get this straight,
I prove the house is on the market before I fly at market value,
I then fly to Aus,
The house sells and all I pay is tax on any earnings above that at which it would have made if I had sold before landing in Aus, eg. interest gained in the bank and/or exchange rate increase.
Does that sound right?
Cheers again.
Yup, that's about it
Apr 29th 2004, 10:54 pm
#6
Guest
Posts: n/a
Originally posted by Whingin Pom
Cheers for the replies,
Cheers for the replies,
Apr 29th 2004, 11:09 pm
#7
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Joined: Jul 2003
Location: Westleigh, Sydney
Posts: 553
If your house isn’t sold, are you still paying the mortgage on it? If so, you may want to calculate how long you would be prepared to pay for a UK mortgage plus rent/mortgage in Oz. What if it take 6-12 months to sell the house?
