Hi,
I'm looking for clarification regarding shares and CGT events when becoming a non-tax resident.
Basically, I own shares on the ASX that I bought before I became a non-tax resident/moved to a new country for work. From my research It seems like you can choose in your tax return to declare a CGT event and report capital gains/losses as if you sold them to basically wipe the slate clean and any further buying and selling of shares on the ASX would then no longer incur capital gains tax.
However, I didn't realise this at the time so am operating under the assumption that I will continue paying capital gains tax on any sales of those shares until/unless I do declare a CGT event for them in the following tax return (I also work remotely for an Australian company so will be submitting one anyway).
My question is two-fold.
1) Is it possible to buy new shares on the ASX and not have to pay Capital gains tax on those new shares purchased after I became a non-tax resident whilst also having the old shares operating under the old system whereby I would still pay capital gains tax if I sold them? (As in have two sets of shares).
2) If not would I have to declare a CGT event in the ensuing tax return on all shares owned to date, after which any future shares bought or sold on the ASX (while still a non-tax resident) would then incur no capital gains tax?
Thanks so much in advance!!
Chris
251 views
2 replies