The Australian Federal Budget in May 2021 picked up the thorny issue of the tax residency of individuals in Australia, and we expect changes to the tax residency rules in Australia in the near future. A lot has changed in terms of global mobility and the ability of individuals to move and work internationally since […]
Capital Gains Tax
Capital Gains Tax – Sale of Residential Property in the UK – New regime
A new 30 day requirement to file a return and to pay any capital gains tax owing on the sale of property in the UK has now commenced, with penalties and interest payable if the requirements are not met. When a residential property in the UK is sold and the exchange and the completion dates […]
Capital Gains Tax Hit for Australian Expats
Legislation has now passed the Australian Parliament that will significantly affect many individuals who are not resident in Australia and who sell a former home in Australia while living overseas. The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 cleared both House of Parliament yesterday and will now proceed to Royal Assent. […]
Leaving Australia to Live Overseas – Capital Gains Tax and Your Former Residence in Australia
Did you know that if you leave Australia to live overseas for a few years there may be significant consequences if you sell your former main residence in Australia? The timing of the sale may be key to reducing the capital gains tax payable. In the 2017 Federal Budget, the Australian Government announced that foreign […]
Leaving Australia to Live and Work Overseas – CGT Event I1 – Deemed Disposal of Investments
Moving from Australia to live in a new country – or to return to your original country if you migrated to Australia – can trigger unexpected tax issues under CGT Event I1 if you have investment assets. This is because Australia treats the cessation of tax residency in Australia as a Capital Gains Tax Event, […]
Moving to Australia and Letting a UK Property
If you are moving to Australia and will be letting a property in the UK there are some important tax planning and compliance issues to consider. HM Revenue & Customs in the UK will have some interest in what you are doing and you must take care to jump over all the necessary barriers – […]
Selling a UK Property When Non Resident? Don’t Forget Capital Gains Tax, and Reporting to HM Revenue
A new capital gains tax (CGT) regime in the UK came into effect at the start of the 2015/16 tax year – in other words from the 6th of April, 2015. The changes will affect you if you are not a resident of the UK for tax purposes and are selling a residential property in […]