shares, gains & tax
 

If we have shares in a UK company bought before we became tax residents in Oz, and then sold after becoming a tax resident in Oz, what is the basic gain?
Say, bought for 100p, were 80p when became Oz tax resident, & sold for 125p

Would the gain be 25p or 45p? :confused:

I've had a look on ATO site, but not found the answer - if you can point me to the right page that would be very helpful

Re: shares, gains & tax
 

45p

Re: shares, gains & tax
 

is that based on experience, knowledge or you like delivering bad news :p

Re: shares, gains & tax
 

You have to take the share price from the date you became a resident of oz, bummer eh? :thumbdown:

Re: shares, gains & tax
 

Does anyone know about inheritance tax. I know that oz does not have a tax on inheritance , my father died in Jan and we still do not have probate.
If we get are visas (hopefully Jan 2008) and we still dont have probate , will we be taxed on the money when we transfer it to OZ .Any advise would be great !!

:confused:

Re: shares, gains & tax
 

U.K. Inheritance tax is levied on the estate not the recipient.

Australia does not have an inheritance tax but you should research carefully what the base cost will be for capital gains tax purposes should you subsequently dispose of assets acquired by inheritance.

Re: shares, gains & tax
 

so is this based on experience or knowledge? link to ATO?

On that basis if bought at 80p, 100p when become a Oz tax resident, and sell at 125p you would have gain of 25p. Meaning that (assuming you don't return back to UK within the relevant years), you would never be taxed on the other 20p gain?

Re: shares, gains & tax
 

G'day

Indeed you've made 20p with loss to tax. Even better is ...

Buy investment property for 50K, hold for many years, property worth 200K when you emigrate, sell 2 years later for 210K and pay capital gains tax on only 10K