Capital gains tax for expats
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Could they not then turn around and claim the interest on the mortgage during the entire period of ownership in the CGT cost base to reduce the liability? One door closes, another opens up...
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The tax laws in this country just drive people to take their money offshore, never to return....
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Originally Posted by Switchbait
(Post 10057831)
The tax laws in this country just drive people to take their money offshore, never to return....
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All I wanted to do when I went abroad was to fund my own self-funded retirement for return and not ever bother the government.
They continuously change the goalposts on everything stymying investment. Now there's a million Aussies abroad so I don't know why the government doesn't want to encourage their investment back into the country? There's always ways around things. I bought a inner suburb house for retirement in a capital city a few years ago. Borrowed 100% so it is negatively geared. Offset I have the house value in cash and it earns 2.5%. There's 10% withholding tax on that- though I offset this a little by superannuation contributions deducted from the gearing losses. If I retire I pay the house off entirely and have taxation credits- though they have already been offsetting an Australian commercial and residential property portfolio. If you're an expat run the figures with a professional. Also, pay for taxation advice with an expert. |
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