I obtained my Australian Citizenship in mid-1990 and returned to my home country to work since year 2000. I bought a property in my home country afterwards . Now, I am planning to return back to Australia for good. I have not sold my overseas property yet.
I understand that I will have to pay capital gain tax upon selling the property. Please correct me if I'm wrong. I want to know how to work out the capital gain tax. Should it be calculated based on the price I first bought it in year 2000 or the current market price when I return to Australia, say Dec 2023 ? Which price (year 2000 price or market price) will be based on to calculate against the selling price in the future, no matter whether it is gain or loss?
Besides, if it is based on the current market price, what kind of official valuation report is required (by a valuation company, a bank or just a local real estate agent in my home country) ?
296 views
3 replies