Brett Evans

Not necessarily.

So there's two concepts here.

And he asked a question about how it affects his shares.

When you leave the country as a tax resident, property shares are all treated the same way from a capital gains tax point of view.

When you leave the country, the classification of those assets splits between taxable Australian property, house, apartment, block of land, and non-taxable Australian property, shares, managed funds.

Any sort of digital assets, crypto.

So when you leave the country, you have the ability to do what's called a deemed disposal.

And that is where in the tax return on the year of your departure, you can say, hey, I'm happy to pay this CGT up until this date, which means then you've cut the umbilical cord for tax and then from that date onwards, you do not accrue a capital gains tax liability.

So people forget that.

And then they read when they get over here and they go, great, this is fantastic.

I can buy shares back in Australia, capital gains tax-free.

Not realising, yes, that is if you did deemed disposal on the shares you bought as a tax resident.

If you did not do that deemed disposal, you're still accruing a tax liability in the background.

Yeah.

In your tax return, it'll actually say what's your cost basis, what's the date, what's the price on the date of departure.

And if you've made a gain, you pay capital gains tax.

If you've made a loss, you accrue income, accrue a tax loss as well too.

So where it gets complicated.

Look, you still do shares.

The problem is it's the platform that people use.