Selling property in Australia

[velo]

Hello,
I require some advice on how best to manage the tax on the sale of my Aussie property.

This is the situation:
- Aussie & British citizen
- I bought a property in Oz in 2000 and it's been rented pretty much continuously since.
- I have lived and been a resident in the UK since 1998 except for a three year period 2004-2007 where I was a resident in Oz
- I have never lived in the property in Oz

I am now thinking of selling the house but unsure of what the tax implications are and options I have to minimise the tax.

any advice ins appreciated.

thank you

[pawncob]

G'day,
Looks like a straightforward capital gain, assuming you're resident in the UK for tax purposes.
1. Transfer share to wife. Gets you two CGT allowances.
2. CGT may be due in Oz, but you'll get double taxation relief on any tax paid there.

[velo]

Hello Pawncob,

thank you for the reply and apologies for not responding sooner.
When you say transfer share to my wife, do you mean share of the house?

kind regards

[pawncob]

yes

[velo]

thanks again!