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Re: Migrating to Oz, how do I take my money over ? Posted on: Thu, 01 Dec 2005 09:45:20 +0000


> the advice i have been given is that the money you make from the sale
> of your house is your own money and you are free to move your money to
> ozz without paying capital gains on this. If you have a second
> property
> then you will be liable to pay capital gains on the profit made on
> that
> house. The tricky one i have is transfering the money over t ozz. you
> cannot open a bank account until you live there.
> hope someone else gets back with some more information regarding your
> question.

Yes,,,but if you sell your house before you leave...and don't transfer
the money for lets say 1 year later....don't you have to pay CGT on any
favourable increase in exchange rate.

On this point....how would the ATO know when you actually sold your
house?
i.e I'm thinking of leaving my house in my parent's hands to sell on my
behalf at a later dater. Surely one can't be penalised if it takes years
(after emigrating) to sell a house

TC

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