I am looking at moving to Australia, I have a property in nz and the uk. If we sell the property in the uk once settled

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Customer: Hi I am looking at moving to Australia, I have a property in nz and the uk. If we sell the property in the uk once settled in Australia will I have to pay capital gains?
JA: Hi there. What is the asset involved here?
Customer: House and flat
JA: When did you acquire the House? What was the initial value?
Customer: the flat in 2012, 500k
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: it was our primary residence while we life in the uk from 2012 to 2015. It has been rented since then. Our Primary residence is now in NZ. We have been tax residence of uk and nz since 2012
Answered by John Melis in 44 mins 1 year ago
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John Melis
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John Melis, Expert

Hi! You’re speaking with John Melis, a solicitor in Australia.

When you sell your overseas property and you move to Australia, you will not have to pay capital gains tax on your money.

​I can hear your concern and your voice, and if you follow the steps I’ve suggested above, it will give you a direction to go.

Please let me know if you have any more questions.

Customer
Thanks.
If we were not able to sell the flat before moving, and sold it once in Australia. Would we still be except CGT. And would this be the case if we purchased a property to live in , then sold the uk flat?
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John Melis, Expert

No, it will not be subject to CGT.
Customer
can you please explain why it is not subject to CGT?
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John Melis, Expert

As it will be taxed in its origin country.

Customer
That would definitely suit us as it would be pro-rata since we moved out, which would mean we would not have to pay anything. Would this be an issue to the ATO if the CGT was much lower in the origin country?
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John Melis, Expert

If you pay the tax on the other country and settle the affair matters there, you'll have no issue with the ATO in Australia.

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