Hi AcamasThey have changed the laws on capital gains in...

Hi Acamas

They have changed the laws on capital gains in Australia since they introduced CG tax in the 1980s.
At first they allowed for inflation in the calculation but later they based it on straight gain and reduced the taxable gain by 50% for shares held for 1 year or more.

I didn't realise that in the UK they allowed a fixed sum to be deducted from CG before taxing the remainder. I might follow up your sugestion but I think the answer will be CG tax is part of income tax in Oz and no matter where the gain is made the ATO rules apply to Australian residents. Double taxation in the UK and Oz is certainly not the case. The ATO tax return form has a section on foreign source income and makes some allowance for foreign tax credits but I don't think they would regard the first A$23000 of UK capital gain as a tax credit. I might ask the ATO and get it from the horses mouth.

regards

Complex