overseas property

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(Initiate)Initiate

15 June 2022

Dear Sir or Madam,

I arrived in Australia on 3rd July 2015. Before that day, I had a house in my own Country. It has been vacant until sold recently (2 weeks ago). And I bought a house as a primary residence in Australia in Feb 2017. Before that, I rented a house in Australia.

I know I need to pay CGT for this house. In my case, can I calculate the cost base for my overseas house based on the date(Feb 2017) when I purchased a house in Australia? Then I can use this market value to calculate the capital gain or loss directly(no need to apply for a partial exemption if I calculate the cost base based on 3rd July 2015 ). Please advise.

Thanks!

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Bruce4Tax

(Taxicorn)Taxicorn

16 June 2022

Valuation needs to be July 2015.

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Bruce4Tax

(Taxicorn)Taxicorn

16 June 2022

Valuation needs to be July 2015.

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JodieR_ATO

(Community Support)Community Support

16 June 2022

Hi @shunqd,

As @Bruce4Tax advised, you need to use market value from date of arrival, this is looked at as acquisition date. You can then apply a partial exemption, so the no' of days it was not your main residence over the no' of days of ownership (since date of arrival) X CGT will be used to work out your CGT. If you owned it 12mnths+, you can also apply the CGT discount.

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