Australian shares and CGT
I lived in Aussie for several years before coming back here permanently a few years ago. While there I bought a few Aussie shares but didn't sell any. Now I've received an offer from a existing major shareholder of Leighton Holdings Ltd that want to buy 37.5% of my shares.
My question relates to Australian CGT that I might be liable for. In the bidding document it states that shareholders currently living in Australia are liable for CGT if they sell the shares but it says that non Australian residents (i.e. me) who bought the shares while living in Australia may still be liable for CGT and should seek professional advise.
Anyone here know if I should be paying CGT to the Australian tax dept if I sell the shares or what the rules are concerning selling Aussie shares by a (now) non-resident?
Thanks for any replies.
Tim
As usual - it depends upon lots of things
Quote:
Originally Posted by
tims
I lived in Aussie for several years before coming back here permanently a few years ago. While there I bought a few Aussie shares but didn't sell any. Now I've received an offer from a existing major shareholder of Leighton Holdings Ltd that want to buy 37.5% of my shares.
My question relates to Australian CGT that I might be liable for. In the bidding document it states that shareholders currently living in Australia are liable for CGT if they sell the shares but it says that non Australian residents (i.e. me) who bought the shares while living in Australia may still be liable for CGT and should seek professional advise.
Anyone here know if I should be paying CGT to the Australian tax dept if I sell the shares or what the rules are concerning selling Aussie shares by a (now) non-resident?
Thanks for any replies.
Tim
This might help, or it might not.
Best Wishes
Paper Tiger