Selling shares bought in Australia after returning to NZ - Do I pay CGT to the ATO?
More details - I've been back in NZ for about10 years but need to sell some Aussie shares I bought while living in Australia.
No CGT to be paid here in NZ, but what about to the ATO (Aust. tax office).
Presumably they will consider that CGT is owing to them but do I have to pay it as l've been back here for years? Will they know that I've sold the shares and CGT may be owing?
Thanks
I have also been looking into capital gains tax implications for when I move back to NZ next year. From what I have found generally when you leave Australia you have the option of paying the CGT on the value of the shares at that time or alternatively if you don't then you will be liable for capital gains to the ATO when you actually sell the shares. I'm not sure if you have to pay the full CGT or they give you some relief. You will probably at least get the standard 50% off up until 2012.
Not sure if they will know, that would be the risk you take
http://www.bdo.com.au/__data/assets/pdf_file/0016/150460/LeavingAustralia.pdf