PR - ? Tax on lump sums into Australia
Apr 30th 2013, 1:08 am
#1
Forum Regular
Thread Starter
Joined: Apr 2009
Posts: 46
PR - ? Tax on lump sums into Australia
Hi
PR Coming up 4yrs this DEC 22nd
Still have a property in the UK ... looking to sell the property, concern over tax issues about bringing the lump sum over..
Its been a while since I was here daily scouring the forum for information..
What I picked up was that there was a 5 year limit , beyond that 5 years you are taxed for any lump sum brought into the country.
So just needing some clarification, if possible before I sign up our tenants in the UK.
Thanks in advance.
PR Coming up 4yrs this DEC 22nd
Still have a property in the UK ... looking to sell the property, concern over tax issues about bringing the lump sum over..
Its been a while since I was here daily scouring the forum for information..
What I picked up was that there was a 5 year limit , beyond that 5 years you are taxed for any lump sum brought into the country.
So just needing some clarification, if possible before I sign up our tenants in the UK.
Thanks in advance.
Apr 30th 2013, 7:33 am
#2
BE Forum Addict
Joined: Jan 2003
Location: Brisbane
Posts: 1,576
Re: PR - ? Tax on lump sums into Australia
You might be liable for CGT in Oz on your UK home Assuming you lived in it prior to emigrating) if it's a rental (and you don't own another property in OZ) but that only occurs when you sell.
So long as you don't purchase another property you can claim you uk house as your Principle Place of Residence for 6 years (and hence no CGT in OZ) from the point that you vacated it.
Don't know about UK tax liability.
Apr 30th 2013, 8:06 am
#3
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Joined: Nov 2003
Location: Scotland
Posts: 7,949
Re: PR - ? Tax on lump sums into Australia
Their are no situations where you are taxed on moving money into or out of OZ (unless you are a currency speculator).
You might be liable for CGT in Oz on your UK home Assuming you lived in it prior to emigrating) if it's a rental (and you don't own another property in OZ) but that only occurs when you sell.
So long as you don't purchase another property you can claim you uk house as your Principle Place of Residence for 6 years (and hence no CGT in OZ) from the point that you vacated it.
Don't know about UK tax liability.
You might be liable for CGT in Oz on your UK home Assuming you lived in it prior to emigrating) if it's a rental (and you don't own another property in OZ) but that only occurs when you sell.
So long as you don't purchase another property you can claim you uk house as your Principle Place of Residence for 6 years (and hence no CGT in OZ) from the point that you vacated it.
Don't know about UK tax liability.
Apr 30th 2013, 9:49 pm
#4
Forum Regular
Thread Starter
Joined: Apr 2009
Posts: 46
Re: PR - ? Tax on lump sums into Australia
Thanks - that is food for thought .... yes we do have a house in Australia , so our Aus house is our principal place of residence.
May 1st 2013, 7:55 am
#5
Lost in BE Cyberspace
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Location: Scotland
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Re: PR - ? Tax on lump sums into Australia
http://www.hmrc.gov.uk/cgt/property/
May 2nd 2013, 12:58 am
#6
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Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: PR - ? Tax on lump sums into Australia
Liability to UK CGT is a function of your residence in the UK.
Not UK resident at any time in a UK tax year is likely to mean no liability to UK CGT arises.
So long as you don't resume residence in the UK within 5 complete UK tax years of your departure.
Look at booklet HMRC6.
Best regards.
Not UK resident at any time in a UK tax year is likely to mean no liability to UK CGT arises.
So long as you don't resume residence in the UK within 5 complete UK tax years of your departure.
Look at booklet HMRC6.
Best regards.
May 2nd 2013, 1:00 am
#7
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: PR - ? Tax on lump sums into Australia
