Hi all,
I've been out of the UK for the past 18 months and I am currently working in Australia on a temporary visa (457).
I have a substantial amount of money in my limited company current account and I want to take advantage of entrepreneurs relief.
My understanding is that although I am considered a resident for tax purposes here in Australia (I've been working since Feb, travelling before that) I am a temporary resident which I *believe* means that CGT does not apply if the gain occurs whilst I am a temporary resident.
I've spoken with my UK accountants who has advised that CGT would become payable the year of my return to the UK if before 5 years (this is likely to happen - and I'm quite OK with that).
I'm looking to engage an Australian tax advisor who is also familiar with UK tax law in order to clarify my Australian tax position before I go down the MVL route - Google has show a few likely candidates but if anyone can recommend such a person from personal experience it would be much appreciated (preferably Sydney based but not essential). I want to avoid any costly mistakes
Any other words of advice/pitfalls to look out for also welcomed.
Cheers, Mister Clark.
I've been out of the UK for the past 18 months and I am currently working in Australia on a temporary visa (457).
I have a substantial amount of money in my limited company current account and I want to take advantage of entrepreneurs relief.
My understanding is that although I am considered a resident for tax purposes here in Australia (I've been working since Feb, travelling before that) I am a temporary resident which I *believe* means that CGT does not apply if the gain occurs whilst I am a temporary resident.
I've spoken with my UK accountants who has advised that CGT would become payable the year of my return to the UK if before 5 years (this is likely to happen - and I'm quite OK with that).
I'm looking to engage an Australian tax advisor who is also familiar with UK tax law in order to clarify my Australian tax position before I go down the MVL route - Google has show a few likely candidates but if anyone can recommend such a person from personal experience it would be much appreciated (preferably Sydney based but not essential). I want to avoid any costly mistakes
Any other words of advice/pitfalls to look out for also welcomed.
Cheers, Mister Clark.
Comment