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TonyTax
TonyTax, Tax Consultant
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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: 4 months ago.
Category: Tax
Expert:  TonyTax replied 4 months 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 4 months ago.

Hi.

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

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