Tax laws in Bahamas

Hey guys,

I am an Australian desiring to move to the Bahamas indefinately.  I am going to purchase a house either in Nassau or somewhere on Paradise Island.  I have no assets,no houses no ties financially to Australia apart from a bank account which will be closed upon departure from Aussie.  I am applying for an annual permit with no immediate intention to work in the bahamas but I heard that a house purchase in excess of 500K will accelerate my permit approval.

Questions

1)  Perhaps an Aussie in the Bahamas can answer this one.  Once I have relocated to the Bahamas and taken up residency,  am i free from all tax obligations in Australia, even though I am still an Australian Resident? ie. If i decide to purchase an asset after I have settled in the Bahamas, am I only subject to the tax laws of the Bahamas? ie  I buy the asset and sell the asset and make a capital gain while living in the Bahamas and therefore free from Capital gains tax because I am a resident of Bahamas?

Kindest Regards