Sampsoia

I read this extract:

Capital gains tax in Australia - chargeable assets are revalued to
their
value at the date of arrival in Australia when you first become a tax
resident => only the increase in the value of your let UK property
between
the date of arrival in Australia and disposal is assessable.

I have a small UK limited company which is being liquidated shortly
after I arrive in OZ. Becuase there will be no change in value of the
company between my residence date and the liquidation date, I read
this as being "tax free"?

Am I right?

Cheers

Ian

Rob

In sampsoia wrote:

    > I have a small UK limited company which is being liquidated shortly
    > after I arrive in OZ. Becuase there will be no change in value of the
    > company between my residence date and the liquidation date, I read
    > this as being "tax free"?

That's the way I read it too.

The trick will be to get the company valued on the day of arrival
so that proving there's no gain is made easy.

--
http://www.hartill.net/Aus/links.html

Alan Collett

It all depends on how you wind up the company. Distributions on a winding up can be income, or capital, or capital but considered to be income under Aussie tax law.

Depending on the amount of money involved it might be time to take some professional advice ...

Best regards.