Sorry to hear about your situation
When did you become a tax resident here? You would need to know the market value of the property on that date because that's when you're taken to have acquired it. You can find this information out from real estate agents in that area or other professionals for that field. Check out our page about market valuation for more info.
If there are any additional costs you couldn't claim a deduction for and if you were wanting to add them to the cost base to calculate CGT you'd need to make sure you have the receipts or evidence of these expenses. Without the evidence you wouldn't add them in.
Australian residents declare their worldwide income. If you were receiving rental income each year even if you weren't physically getting these payments this still needs to be declared in your annual return. If your ownership interest is 50% then you'd declare 50% of the income in your annual return. You'd need to substantiate deductions so if you have no evidence then you wouldn't claim.
114 views
0 replies