Recommend accountant - Aussie moving to U.K.

Hi guys,
I'm an Aussie and moving to the uk in 6 months time. Wife is British and packing up the family for a 5 year move. (That's the plan anyway)
Looking for an accountant who can advise me as I currently have 1 property here in Syd that is rented out and wondering what to do with it or what I need to know re income from it etc.
If anyone knows an accountant with experience in this area can you please let me know?
Thanks in advance.

 

You need to be aware of the new law which will impose 100% CGT on the property pro-rata from the date you depart. Sell within 6 months of departure and if you buy in the UK it MAY (subject to rewritten laws being seen) be CGT free if its always been your home.

You lose the 50% CGT discount from the date you cease to be resident AND
The 6 year absence rule is being modified so that after 9th May 2017 you can use the absence rule

A valuation (agent opinion) at the date its first rented may be needed to revise the costbase IF s118-192 ITAA97 applies

Capital gains tax property exemption tool

CGT events also apply to other AU assets oither than property ie shares etc. It treats them as if they are disposed of on date your residency changes and can be chosen to limit future tax. If you have a trust or company involvement you also need advice on these issues.

 

We have a video on the residency issues with emphasis on property and record keeping that may be relevant

 

The guy above is a good accountant in Sydney.

I'm a client of his.

Cheers

Jamie

 

Thanks Paul,
Does this impact me if we do not sell the property? I mean, we moved out of it 5 years ago and rent it out.
We now move overseas for 5 years snd do not sell. Then, in 5 years time, we move back to Aus and continue to rent the property out.
Does everything go back to 'normal' once we move back to oz and become permanent residents again?
(Will haven to look into the 6 year absence rule as not familiar with it)
Thanks again.

 

Technically, no. CGT only applies if and when sold. At present it may be CGT free (6 years absence rule) but once it hits 6 years of absence that ends. Then those days will be fully taxed v's the exempt period. If retained you will move back in and more exempt days will apply. That ratio will always be the key. When you move back it could be retained for a long term and CGT never triggers but eventually someone may inherit your CGT calcs and the taxed v's exempt period ratio will apply to the total profit....In time the taxed period may reduce as a %.....