Loading
This thread is archived and the information may not be up-to-date. You can't reply to this thread.
SarahWinnie(Newbie)Newbie
25 Oct 2024

Grateful for any advice! This relates to my 2023-2024 tax return.

I'm an Australian living permanently in the UK, where I pay tax. I sold my Australian shares in January 2024 with a net profit of under 5k, and otherwise have no Australian income.

I think I am considered a 'Foreign resident for tax purposes' so I selected 'No' for the question on my tax returns on whether I was a resident.

After declaring this capital gain on my tax return lodging, I'm told I owe $1300ish in tax. Is there any way I can reduce this amount? I have not declared my UK income/tax paid (as my understanding is this is not mandatory) but would doing this enable me to pay less Australian tax under the Aus-UK tax treaty?

I have read all the ATO online information but have not found a clear answer.

Thank you


526 views
1 replies
526 views
1 replies

Most helpful response

Most helpful reply

AriATO(Community Support)Community Support
29 Oct 2024

Hi @SarahWinnie


We can't tell you how you can reduce tax to put you in a better position, but we can provide info for you to consider your situation.


First you should work out if you have to lodge a tax return for those shares. If you're not a tax resident of Australia, CGT only applies to taxable Australian property. Your shares could be considered TAP depending on your earlier circumstances and if they are then you're correct about having a CGT event in Jan 2024.


If your shares aren't considered TAP then you may not have to declare the capital gain.


You'd need to work out when your tax residency changed and if you owned those shares at the time. See how changing residency affects CGT to work out if you have to declare your capital gain.


All replies

Most helpful reply

AriATO(Community Support)Community Support
29 Oct 2024

Hi @SarahWinnie


We can't tell you how you can reduce tax to put you in a better position, but we can provide info for you to consider your situation.


First you should work out if you have to lodge a tax return for those shares. If you're not a tax resident of Australia, CGT only applies to taxable Australian property. Your shares could be considered TAP depending on your earlier circumstances and if they are then you're correct about having a CGT event in Jan 2024.


If your shares aren't considered TAP then you may not have to declare the capital gain.


You'd need to work out when your tax residency changed and if you owned those shares at the time. See how changing residency affects CGT to work out if you have to declare your capital gain.


Featured articles

Finding your TFN

6 Feb 2026 · 4 min read time

Linking your myGov account to the ATO

24 Aug 2025 · 3 min read time

Spouse details and your tax return

15 Apr 2026 · 3 min read time

Top liked users

  1. Bruce4Tax

    (Taxicorn)

    3260 likes

  2. Taxduck

    (Taxicorn)

    2069 likes

  3. PayrollDeanne

    (Taxicorn)

    816 likes

  4. YellowPotato

    (Taxicorn)

    529 likes

  5. knaresbro

    (Devotee)

    364 likes

Top contributors

  1. Bruce4Tax

    (Taxicorn)

    10399contributions

  2. Taxduck

    (Taxicorn)

    4762contributions

  3. PayrollDeanne

    (Taxicorn)

    2061contributions

  4. YellowPotato

    (Taxicorn)

    1352contributions

  5. YEP

    (Devotee)

    837contributions

Loading
Tax on Australian capital gains as a foreign resident | ATO Community