How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TonyTax Your Own Question
TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15915
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
13905389
Type Your Tax Question Here...
TonyTax is online now

I have over the years acquired a substantial portfolio of

Customer Question

I have over the years acquired a substantial portfolio of shares in UK companies.
If as I hope I become domiciled in Australia what value will the Australian tax authority put on my portfolio?. Will it be the market value on the date that I become domiciled in Australia?.
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.

Hi.

There are two tax statuses that you can hold in Australia, temporary resident and resident. When you become "resident", you are treated as having acquired assets such as shares and property on the day you became resident at their market value at that time. Take a look here for more information and an example. There is more information on CGT specific to foreign residents here and in the other links on the left.

I hope this helps but let me know if you have any further questions.

Expert:  TonyTax replied 12 months ago.

Hi.

I'm just following up to find out if my answer helped or if you have any further questions.

Related Tax Questions