Hello
I am an Australian resident for tax purposes. I am planning to sell an overseas property held for more than 5 years. I believe from a response to a previous question that I will be able to avail 50% CGT discount on sale of this property when I file my income tax return in Australia. But will the tax paid overseas be discounted by 50% as well?
For example:
Long Term Capital Gain A$100,000
Overeas tax (A$ Equivalent): A$15,000
When I file my tax return in Australia I will include A$50,000 (after LTCG discount) as income;
Will the overseas tax paid also discounted to A$7,500 or will I get 15,000 as tax credit for the overseas tax paid?
Best Regards
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2,256 views5 replies
5 replies
2,256 views
5 replies