British Expats
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British Expats (https://britishexpats.com/forum/)
-   Australia (https://britishexpats.com/forum/australia-54/)
-   -   Tax and PR (https://britishexpats.com/forum/australia-54/tax-pr-779754/)

Turban Explorer Dec 5th 2012 9:33 am
Tax and PR
 
After finally getting my PR a week ago I wonder if anyone knows how you prepare for future asset disposals? Does it make sense to get a valuation of my UK properties now? I believe cgt is calculated from PR day to when you sell them.

Any sage advice gratefully received.

ROMFT_WO2RN Dec 5th 2012 12:48 pm
Re: Tax and PR
 
Originally Posted by Turban Explorer (Post 10418069)
After finally getting my PR a week ago I wonder if anyone knows how you prepare for future asset disposals? Does it make sense to get a valuation of my UK properties now? I believe cgt is calculated from PR day to when you sell them.

Any sage advice gratefully received.
Congrats on the PR :thumbsup:

Not sure if it's "sage", advice but I'd get a a valuation done and then convert it into a dollar amount based on the published ATO rate for the day/month of PR grant.

I've got a valuation for the day I acquired my one and only non-oz asset and will prob get one done at the end of each Oz tax year as it needs to be declared :thumbdown:

Amazulu Dec 5th 2012 1:10 pm
Re: Tax and PR
 
Originally Posted by Turban Explorer (Post 10418069)
After finally getting my PR a week ago I wonder if anyone knows how you prepare for future asset disposals? Does it make sense to get a valuation of my UK properties now? I believe cgt is calculated from PR day to when you sell them.

Any sage advice gratefully received.
You're still here then?

Hopefully there'll be less bitching this time.

;)

renth Dec 5th 2012 1:16 pm
Re: Tax and PR
 
Originally Posted by Turban Explorer (Post 10418069)
After finally getting my PR a week ago I wonder if anyone knows how you prepare for future asset disposals? Does it make sense to get a valuation of my UK properties now? I believe cgt is calculated from PR day to when you sell them.

Any sage advice gratefully received.
Congratulations on your PR!

commonwealth Dec 5th 2012 1:33 pm
Re: Tax and PR
 
oh! i always thought TE was a PR! congrats! do your valuations now so it's fully documented.

Pollyana Dec 5th 2012 3:41 pm
Re: Tax and PR
 
Originally Posted by Amazulu (Post 10418359)
You're still here then?

Hopefully there'll be less bitching this time.

;)
If you can't say anything nice, why do you bother saying anything at all?

Pollyana Dec 5th 2012 3:41 pm
Re: Tax and PR
 
Originally Posted by Turban Explorer (Post 10418069)
After finally getting my PR a week ago I wonder if anyone knows how you prepare for future asset disposals? Does it make sense to get a valuation of my UK properties now? I believe cgt is calculated from PR day to when you sell them.

Any sage advice gratefully received.
Many congratulations!!!! Hope things are looking up for you, I was just wondering this week how you were getting on :)

Amazulu Dec 5th 2012 4:11 pm
Re: Tax and PR
 
Originally Posted by Pollyana (Post 10418540)
If you can't say anything nice, why do you bother saying anything at all?
Ah diddums

Turban Explorer Dec 5th 2012 4:18 pm
Re: Tax and PR
 
I'm in Subiaco - it's great (except perhaps for the flies) !! Like the Renaissance compared to FNQ. :thumbsup:

Dreamy Dec 5th 2012 4:25 pm
Re: Tax and PR
 
Congrats on the PR, TE - must be a huge relief to you!

Are you going to hang around for citizenship or are you going to bugger off on a new adventure?

(Can't help on the tax, if I only had assets :D)

rasen78 Dec 5th 2012 4:31 pm
Re: Tax and PR
 
Originally Posted by Turban Explorer (Post 10418069)
After finally getting my PR a week ago I wonder if anyone knows how you prepare for future asset disposals? Does it make sense to get a valuation of my UK properties now? I believe cgt is calculated from PR day to when you sell them.

Any sage advice gratefully received.
Congrats TE and welcome back:D If you still have your boat, pop around and see us;)

Pollyana Dec 5th 2012 5:53 pm
Re: Tax and PR
 
Originally Posted by Turban Explorer (Post 10418582)
I'm in Subiaco - it's great (except perhaps for the flies) !! Like the Renaissance compared to FNQ. :thumbsup:
:lol: Has the pussy cat got PR too? Often think of you, the cat and the rucksack when reviewing pics from Yasi :ohmy:

bitzenpces Dec 6th 2012 12:54 am
Re: Tax and PR
 
Originally Posted by Turban Explorer (Post 10418582)
I'm in Subiaco - it's great (except perhaps for the flies) !! Like the Renaissance compared to FNQ. :thumbsup:
Welcome to WA;). What are you going to do with yourself?

Bernieboy Dec 6th 2012 2:06 am
Re: Tax and PR
 
Well done TE:thumbup:

Kiwipaul Dec 6th 2012 10:58 am
Re: Tax and PR
 
Originally Posted by ROMFT_WO2RN (Post 10418343)
Congrats on the PR :thumbsup:

I've got a valuation for the day I acquired my one and only non-oz asset and will prob get one done at the end of each Oz tax year as it needs to be declared :thumbdown:
You don't need a valuation each tax year as you don't have to declare it's value just the income you derive from the asset.
The exception would be if you were retired and claiming an Ozzie pension then they would want to know the value of all your assets.


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