Guest Anna Nolan

Tax Query

    Recommended Posts

    Guest Anna Nolan

    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?



    Share this post

    Link to post
    Share on other sites

    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.





    Share this post

    Link to post
    Share on other sites

    Create an account or sign in to comment

    You need to be a member in order to leave a comment

    Create an account

    Sign up for a new account in our community. It's easy!

    Register a new account

    Sign in

    Already have an account? Sign in here.

    Sign In Now