We have inheritance property on our mother 's name in Pak. We are selling this property and i want bring my share to Australia. I am Australian citizen.
Can anyone guide me how to bring miney and how much tax i will have to pay on top of my income?
Thanks
Hi @Amirozi
It depends.
If you own the property and are an Australian resident for tax purposes, you will be liable for capital gains on the proceeds of the sale. Capital gains is taxed at your marginal rate.
If you do not own the property, and receive proceeds as a gift or inheritance, there is no tax on this income to you.
Remember that it isn't about when you bring the funds to Australia - it's about when we consider them as derived.
You can read about working out your capital gains and when income is derived (conversion rules) on our website.
Hi @Amirozi
It depends.
If you own the property and are an Australian resident for tax purposes, you will be liable for capital gains on the proceeds of the sale. Capital gains is taxed at your marginal rate.
If you do not own the property, and receive proceeds as a gift or inheritance, there is no tax on this income to you.
Remember that it isn't about when you bring the funds to Australia - it's about when we consider them as derived.
You can read about working out your capital gains and when income is derived (conversion rules) on our website.
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