MWL FINANCIAL GROUP
SECTION – PROPERTY EXPERT
SUBJECT – Residency issues
Hi I'm Jeff Banks, Business Adviser with over 30 years experience at MWL Financial Group specialising in property transactions.
In the global world it is not unusual for people to move residence been states or even to overseas.
If you are contemplating a short medium or long to term move overseas and you have property here in Australia the way your property transactions are taxed will change significantly. The way you work out your profit will still be subject to the normal rules of accounting but the amount of tax you might pay will vary significantly.
Overseas residents are not subject to the 50% general exemption for CGT, they do not get a tax free threshold so they are taxed at much higher rates per dollar than those resident in Australia.
You also need to be careful of trusts and companies that are deemed to be non resident by virtue of their control being from overseas.
For more information contact us at firstname.lastname@example.org and either me, Jeff Banks or one of our experts will be more than happy to help.