Taxation in Oz

[Guest scmercer]

Hi, we are currently trying to sell our house but having problems with the current market. It is likely that we will have to rent it for a couple of years until the market picks up. Does anyone know if the profit on the house sale will be subject to tax if I sell it once once we are resident in Australia??

 

Thanks

[Andrew from Vista Financial]

Maybe, that will depend on when you sell it and what your circumstances are at the time.

 

There are possible exemptions available and possible ways that you could mitigate it.

 

Andy

[Alan Collett]

As Andrew says, it depends on your circumstances.

 

If you don't buy a property in Australia - probably no CGT to pay on the disposal of the UK property, so long as you don't hold onto it for more than 6 years and are resident in Australia on its sale.

 

There are some free tax factsheets here if you are interested:

http://www.collettandco.com/factsheet.cfm

 

Best regards.