Announcements
Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
Still not sure? Ask the Community

ATO Community

CGT on a UK property

This post is archived and may not be up-to-date.

I'm new

Views 628

Replies 1

Hi,

 

I have been in Australia for just over 10 years, and became an Australian resident in July 2016. I purchased my UK property in 1996, which was my sole residence from birth (1974), have been renting the property from 2014. I am yet to purchase a property in Australia, and am currently renting.

 

Am I right to believe that I will be liable for CGT from the date I became an Australian resident? Or could I be entitled to some sort of exemption as this has been my only residence in the UK since 1974?

 

 

 

 

 

 

 

 

 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Certified Response

Community Moderator

Replies 0

Hi @KS14

 

Thanks for your question.

 

We get various versions of this question quite often in our Community. Here is a recent thread that you can have a look at: CGT for overseas property

 

You might also want to check out this thread. It is a couple of years old now but has some similar timeframes to yours and contains some useful links: CGT Tax on selling previous main residence in UK

 

It sounds like you will likely be eligible for the main residence exemption. For more information about treating a dwelling as your main residence after you move out, refer to our website.

 

You haven't mentioned selling the property. It is important to note that becoming an Australian resident doesn't trigger a capital gains event. For more information about when a CGT event occurs, have a read of the selling an asset and other CGT events page.

 

Hope this helps.

 

Thanks,

 

ChrisR

1 REPLY 1

Most helpful response

ATO Certified Response

Community Moderator

Replies 0

Hi @KS14

 

Thanks for your question.

 

We get various versions of this question quite often in our Community. Here is a recent thread that you can have a look at: CGT for overseas property

 

You might also want to check out this thread. It is a couple of years old now but has some similar timeframes to yours and contains some useful links: CGT Tax on selling previous main residence in UK

 

It sounds like you will likely be eligible for the main residence exemption. For more information about treating a dwelling as your main residence after you move out, refer to our website.

 

You haven't mentioned selling the property. It is important to note that becoming an Australian resident doesn't trigger a capital gains event. For more information about when a CGT event occurs, have a read of the selling an asset and other CGT events page.

 

Hope this helps.

 

Thanks,

 

ChrisR