Thinking of going back to UK for a couple of years - AUS TAX question.
#1
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Thinking of going back to UK for a couple of years - AUS TAX question.
Hi All,
We have been living in Aus now for 4 years and have Australian citizenship. We have a house to sell here.
Were thinking of going back to the UK for a few years. As exchange rate and house prices will be favourable for us. When we finally come back to Australia again and possibly in a better financial position would we have to pay tax on what we bring back into Aus?
We have been living in Aus now for 4 years and have Australian citizenship. We have a house to sell here.
Were thinking of going back to the UK for a few years. As exchange rate and house prices will be favourable for us. When we finally come back to Australia again and possibly in a better financial position would we have to pay tax on what we bring back into Aus?
#2
Re: Thinking of going back to UK for a couple of years - AUS TAX question.
Australia won't tax you on gains while you are not tax resident (except possibly on Australian located assets), if that is what you are asking. Gains accrued before you cease to be tax resident may well be taxable.
Are you planning to sell your house before you leave?
Are you planning to sell your house before you leave?
#3
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Re: Thinking of going back to UK for a couple of years - AUS TAX question.
Thanks JAJ,
Yes, the plan is to sell up here (house and all) while prices are still realitvly firm. Enjoy some grand parent support for our two children under 3. Buy a UK house (hopefully at the bottom of the market) Enjoy a couple of years there then sell up when prices improve and come back to Australia with all assets going back into Australia.
I was worried they may try and tax you on what your bringing back in, especially if your financial situation has improved.It would be a clean financial break fom aus to UK and back to aus.
Yes, the plan is to sell up here (house and all) while prices are still realitvly firm. Enjoy some grand parent support for our two children under 3. Buy a UK house (hopefully at the bottom of the market) Enjoy a couple of years there then sell up when prices improve and come back to Australia with all assets going back into Australia.
I was worried they may try and tax you on what your bringing back in, especially if your financial situation has improved.It would be a clean financial break fom aus to UK and back to aus.
#4
Re: Thinking of going back to UK for a couple of years - AUS TAX question.
And bear in mind that Australian citizens who are no longer tax resident in Australia are not subject to income or capital gains tax on non-Australian sources.
#5
Re: Thinking of going back to UK for a couple of years - AUS TAX question.
Numerous posts on here state that if you gain PR but don't move your money with you, any gain on fx you make by the time you do bring the money over is subject to capital gains?
#6
Re: Thinking of going back to UK for a couple of years - AUS TAX question.
this is what we are doing .been here 18 years,have dual citizenship.house on market,going back to scottish highlands.going to buy 2 bed lower end of market house cash.stay x years.come back to retire or whatever we decide later on.you wont be taxed on sale of property here as its your principal residence.you are a citizen not pr.same coming back here,uk citizen selling principal residence.have a look on aust goverment website re selling property.just be aware that you may need to top up super in both countries.aust no longer has an agreement with uk think it finished in 2002.cant get part payment from each country:curse:ezzie ran a thread a few weeks ago about uk pensions etc.just have a look back at the threads.good luck in selling your house and hope your move back goes smoothly.(hope our does)!!!!
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Re: Thinking of going back to UK for a couple of years - AUS TAX question.
Thanks JAJ and aasmith1957 and all the best for yourself too.
Its not an absolute definate art the moment, but I will be watching the exchange rates and house prices very closly now and see how things pan out.
Its not an absolute definate art the moment, but I will be watching the exchange rates and house prices very closly now and see how things pan out.