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CGT Shares after leaving Australia

Newbie

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Replies 2

Hi,

 

If someone purchases shares while resident in Australia, say in 2015/16. Leaves Australia in 2019/20. Sells the shares while resident in another country. Does that person have to pay CGT to Australia? Or would they just have to pay CGT in whatever country they are resident in (say UK)

 

I've looked at this, but it doesnt have any detail.

https://www.ato.gov.au/general/capital-gains-tax/international-issues/changing-residency/#Ceasingtob...

 

How does one choose to disregard capital gains and losses when leaving the country?

Does it have to be explicitly declared the year they leave Australia? Or is it just implied when they dont declare it or when they dont do a tax return in the future.

Is it an all or nothing thing? ie either you are realising (deemed to be disposing) ALL assets not deemed to be Australian property, or NONE at all.

 

Thanks!

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Most helpful response

Community Moderator

Replies 0

Hi @soggy,

 

No problem we will answer on your other post. Don't worry about posting on the wrong board we are happy to fix that for you in the future.

2 REPLIES 2

Newbie

Replies 1

sorry didnt realise this is in wrong board. Have reposted under Personal Tax Questions. Please delete

Most helpful response

Community Moderator

Replies 0

Hi @soggy,

 

No problem we will answer on your other post. Don't worry about posting on the wrong board we are happy to fix that for you in the future.