All Topics / Legal & Accounting / non resident capital gains tax

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  • Profile photo of AlwayslearningAlwayslearning
    Participant
    @alwayslearning
    Join Date: 2003
    Post Count: 44
    September 9, 2007 - 6:09 am

    i am currently an australian resident ihave a property port folio currently and looking to relocate overseas

    if i become a non resident of australia and then decide to sell my property at a later date am i subject to capital gains tax at time of disposal

    cheers

    martin

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213
    September 12, 2007 - 10:04 am

    Oh. Seek proper advice as just becoming a non resident may trigger CGT straight away.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    September 12, 2007 - 10:15 am

    Just looked this up, and it only applies to assets not having the necessary connection to Australia.
    http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s104.160.html

    I think you will still pay CGT in the future if you sell. The CG will be added to your income at that time, But if you are a non resident, then you may be paying higher taxes as the rates are higher for non residents.

    I am not an accountant.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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