Selling property in Australia whilst living in the UK
#1
Just Joined
Thread Starter
Joined: Jun 2011
Location: Geelong , Victoria
Posts: 13
Selling property in Australia whilst living in the UK
Hi Guys,
I bought a property in Geelong (VIC) in Feb 2016 and lived in it until I moved back to the UK July 2018. Since July 2018 it’s been rented out and declared to the ATO. If I was to sell the property now would I have to pay CGT or can I claim it as my main residence ? I’m a Australian citizen. I’d appreciate any advise or experience anyone may have had regarding selling property.
I can always jump on a plane and move back if it’s going to save me $$$$$ 😀
Thanks
I bought a property in Geelong (VIC) in Feb 2016 and lived in it until I moved back to the UK July 2018. Since July 2018 it’s been rented out and declared to the ATO. If I was to sell the property now would I have to pay CGT or can I claim it as my main residence ? I’m a Australian citizen. I’d appreciate any advise or experience anyone may have had regarding selling property.
I can always jump on a plane and move back if it’s going to save me $$$$$ 😀
Thanks
#2
Lost in BE Cyberspace
Joined: Dec 2010
Posts: 14,040
Re: Selling property in Australia whilst living in the UK
Hi Guys,
I bought a property in Geelong (VIC) in Feb 2016 and lived in it until I moved back to the UK July 2018. Since July 2018 it’s been rented out and declared to the ATO. If I was to sell the property now would I have to pay CGT or can I claim it as my main residence ? I’m a Australian citizen. I’d appreciate any advise or experience anyone may have had regarding selling property.
I can always jump on a plane and move back if it’s going to save me $$$$$ 😀
Thanks
I bought a property in Geelong (VIC) in Feb 2016 and lived in it until I moved back to the UK July 2018. Since July 2018 it’s been rented out and declared to the ATO. If I was to sell the property now would I have to pay CGT or can I claim it as my main residence ? I’m a Australian citizen. I’d appreciate any advise or experience anyone may have had regarding selling property.
I can always jump on a plane and move back if it’s going to save me $$$$$ 😀
Thanks
https://www.ato.gov.au/Individuals/C...deceasedestate
#3
Just Joined
Thread Starter
Joined: Jun 2011
Location: Geelong , Victoria
Posts: 13
Re: Selling property in Australia whilst living in the UK
Beoz, I think you are right! QLD here I come ✈️
#4
Re: Selling property in Australia whilst living in the UK
Before you move back and wait to become tax resident again before selling, you might want to take the test on this link to see if you renting it out will have an impact - https://www.ato.gov.au/individuals/c...idence-(home)/
If you only get partial relief, it may not be worth it.
If you only get partial relief, it may not be worth it.
#5
Lost in BE Cyberspace
Joined: Dec 2010
Posts: 14,040
Re: Selling property in Australia whilst living in the UK
Before you move back and wait to become tax resident again before selling, you might want to take the test on this link to see if you renting it out will have an impact - https://www.ato.gov.au/individuals/c...idence-(home)/
If you only get partial relief, it may not be worth it.
If you only get partial relief, it may not be worth it.
Unable to use this tool to determine the extent to which the capital gain or capital loss that you make on the disposal of the property is subject to capital gains tax.
This is because your circumstances are complicated by the status of other properties potentially restricting the availability of the main residence exemption for this interest.
#6
Just Joined
Joined: Oct 2022
Posts: 20
Re: Selling property in Australia whilst living in the UK
it's even worse, Mortgage rate relief ends in April, meaning UK gov needs ALL income declared , and taxable. Currently going through the ringer with them RE allowable expenses, etc,
but, it's looking like we'll have to move back, or I lose 3/4 my take home pay in tax
but, it's looking like we'll have to move back, or I lose 3/4 my take home pay in tax
#7
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: Selling property in Australia whilst living in the UK
it's even worse, Mortgage rate relief ends in April, meaning UK gov needs ALL income declared , and taxable. Currently going through the ringer with them RE allowable expenses, etc,
but, it's looking like we'll have to move back, or I lose 3/4 my take home pay in tax
but, it's looking like we'll have to move back, or I lose 3/4 my take home pay in tax
Best regards.