IndieG

Hi,
Are there any who have migrated to Australia and haven't sold their house yet? What would happen if you sold your house after, say, 3 years and you bring the money into Australia. Would it be considered income and taxed ?

Did you get your property valued just before leaving, so that whenever you do sell it, it would be easy to show what the actual gain/loss is to the tax office?

Cheers
Anya

joho

I think it all depends on whether you purchase a property in Aus without selling your house. I think its the difference between the value of your house (when you purchase a Aus house) and what it is when you sell your UK house thats the profit they take into consideration not the value when you move over. If you don't purchase until you sell your UK house as long as you do it within a certain amount of time (about 5 or 6 years i think) then its ok. Sorry if its so vague but this is what impression I am under. Oh and I do still have my property in UK so am interested as well.

Some one correct me if I am wrong.

Jo

spottydog

As far as I understood as long as you haven't bought a place in Oz then your house would remain your primary residence and therefore free of capital gains tax on the sale but you could be caught by capital gains tax on any change in the exchange rate.

From what I've read this is definitely an area where its worth paying for expert knowledge.