Loading
This thread is archived and the information may not be up-to-date. You can't reply to this thread.
_M25(I'm new)I'm new
6 Sept 2021

Hi! Very similar questions have been asked in the forum but I want to check how obligations work for Canada. I am a citizen of Aus but a non-resident for tax purposes. I have ASX shares purchased and sold through my Australian bank accounts and all losses and gains remain in those accounts.

Am I subject to CGT? Must I report my acquisition or sales on my Aus return? If not, must I report those on my Canadian return? From what I have read, my understanding is that I am not subject to CGT. I am still filing my Aus taxes as I continue to fulfill my worldwide income HECs requirements and want to do right by the ATO.

Thanks a bunch!

882 views
2 replies
882 views
2 replies

Most helpful response

Most helpful reply

TaxedoMask(Devotee)Devotee
6 Sept 2021

Since you're a non-resident for tax purposes and shares are (generally) not treated as taxable Australia property and so, to does not go into your Australian tax return.

If you had shares prior to changing tax residency - then these would depend on whether you triggered CGT Event I1 or elected out of it.

If you triggered the gain when you changed residency, you're all good, it's no longer taxable Australian property, no CGT, not reportable in your Australian tax return.

If you undertook the election to get out of I1, then it's still treated as taxable Australian property and thus you need to book CGT when you sell it.

All replies

Most helpful reply

TaxedoMask(Devotee)Devotee
6 Sept 2021

Since you're a non-resident for tax purposes and shares are (generally) not treated as taxable Australia property and so, to does not go into your Australian tax return.

If you had shares prior to changing tax residency - then these would depend on whether you triggered CGT Event I1 or elected out of it.

If you triggered the gain when you changed residency, you're all good, it's no longer taxable Australian property, no CGT, not reportable in your Australian tax return.

If you undertook the election to get out of I1, then it's still treated as taxable Australian property and thus you need to book CGT when you sell it.

JodieR_ATO(Community Support)Community Support
7 Sept 2021

Hi @M25,

If you are a non-resident for tax purposes, as @TaxedoMask advised, you would only need to declare capital assets that are taxable Australian property. You can view the information on our website about changing residency and a CGT event taking place. If capital assets were owned prior to departing Australia, a CGT event may have taken place when you left the country.

Loading
CGT obligations as a foreign resident for ASX shares | ATO Community