We moved to Australia 15 years ago, becoming citizens two years afterwards. We have loved every minute, but due to elderly parents getting sick in the UK, we have decided to spend two years back in the UK. While there is a good chance of us returning to Australia, we have decided to sell our house (our only property and our residence, we have no other investments) in Brisbane which we have owned for several years, as there are few rental properties in the area of UK we wish to live in, so we need to sell in order to buy over there. We are due to leave Australia in August. Do we cease to be residents for tax purposes on that date? We will be looking for work and buying a house in the UK, so that suggests so.
If we start the sales process now, but the sale takes place after we leave, will Capital Gains Tax be payable on the gain we have made in the last three years? Is there a grace period?
A complicating matter is that my work in Australia has made an offer for me to continue working with them up to the end of the year, which would mean me splitting my time between the two countries. Would this extend my status as being a resident in Australia for tax purposes?
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