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Brit_Lad(Initiate)Initiate
5 Jan 2023

Hello

I sold a property in Australia and it settled in Dec 2022. The purchaser paid the foreign resident capital gains withholding tax on my behalf (ie 12.5% of the sale price). When does the ATO inform me that they have received the funds? Will you email me or send me a letter?

Does the ATO add a credit note into my ATO account so it is visible and then when I undertake my tax return next year the credit has been noted.

I look forward to hearing from you.

Thanks

Brit_Lad

543 views
4 replies
543 views
4 replies

Most helpful response

Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
9 Jan 2023

You need to claim the tax as a credit on your income tax return at CGT item 18.

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JodieR_ATO(Community Support)Community Support
9 Jan 2023

Hi @Brit_Lad,


As Bruce4Tax advised, you can claim a tax credit for the 12.5% holding amount on your tax return here. There's information from our webpage - Foreign residents' capital gains withholding.

Brit_Lad(Initiate)Initiate
11 Jan 2023

Hello @Jodie_ATO

I feel that my question has not been answered.

But how will I know that the purchaser has made the payment? Will ATO let me know or is it a big surprise 6 months down the road and the ATO tell me that no such payment has been made? I thought at least the ATO will send me a note to inform me that a purchaser has made a payment on my behalf---surely this is important with such a grand sum of money? If such a payment has not been made, then I can inform the ATO to chase the payment but at this stage I have no confirmation from the ATO whether the monies have been paid by the purchaser.

Kind regards

Brit_Lad

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When will the ATO inform me when the foreign resident capital gains withholding for a property sale? | ATO Community