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    Thread: Tax Query

    1. #1
      Anna Nolan

      Tax Query

      I am thinking of emigrating to Adelaide later in the year from the Uk and have a number of tax questions and was wondering whether anyone can help:
      1) For investments held in the UK - I understand these are valued on date of emigration - do they also get translated into Aus dollars on this date or does the translation only happen when you sell the investment - ie is the gain or loss calculated in sterling and then translated or are the cost and sale proceeds at different exchange rates ?
      2) For your main home in the UK - is it right you have 6 years to sell this or if sooner the purchase of a house in Oz before it becomes a taxable investment ?
      3) My husband is Australian and he has lived in the UK for 10 years - he had some shares before he left Oz. Do these get revalued at the date we return to Oz?
      4) ISAs - how are these treated for tax purposes in Oz?


    2. #2

      Senior Member
      Join Date
      May 2008
      561 times
      Hi Anna

      Cross border tax planning is a very specialist subject and if you want to plan effectively you should seek specialist advice.

      A few points:

      Permanent residents of Australia have to delare their worldwide income and generally assets are revalued the day they become tax residents of Australia.

      There is a 6 year main resident exemption in Australia but it is not as long as that in the UK.

      HMRC will still have a hold on your assets for income purposes, also for capital gains purposes for a certain timescale.

      I suspect the shares revaluation will be a bit more complex since he acquired the shares in Australia prior to moving away.


      Director - Vista Financial Services - Financial Advisor and Mortgage Advisor for Poms in Adelaide - UK Pension Transfers / Financial Advice / Mortgage Advice
      Andrew@vistafs.com.au FPA & MFAA Member, Adv Dip FP www.vistafs.com.au Ph: 08 8381 7177



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