Want to sell nz house,what's tax implications,purchased as nz tax resedent
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If you are a tax resident (but not a temporary resident) then the sale of the house is a CGT (Capital Gains Tax) event. If the house was your main residence (on less than 2ha) and has not been income earning (rented) then you can apply a CGT exemption. If it was your main residence and has been rented then you may be able to apply the 6 year rule, and it would also be exempt. See link on 6 year rule
If it has been a rental property and you aren't able to claim the main residence exemption under the 6 year rule then the cost base of the property is the market value of the property as at the date you became a permanent resident. See link
CGT can be a complex area. Best to seek professional advice if unsure.
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If you are a tax resident (but not a temporary resident) then the sale of the house is a CGT (Capital Gains Tax) event. If the house was your main residence (on less than 2ha) and has not been income earning (rented) then you can apply a CGT exemption. If it was your main residence and has been rented then you may be able to apply the 6 year rule, and it would also be exempt. See link on 6 year rule
If it has been a rental property and you aren't able to claim the main residence exemption under the 6 year rule then the cost base of the property is the market value of the property as at the date you became a permanent resident. See link
CGT can be a complex area. Best to seek professional advice if unsure.
If you owned the house in NZ at the time you became an Australian tax resident, the market value at the date you became resident is potentially relevant.
You really should have a meaningful discussion with an experienced accountant.
Ask your friends and colleagues to recommended a Chartered Accountant, CPA, or Chartered Tax Adviser.
S/he can describe and discuss the many relevant taxing issues, and help you conclude good outcome/s.
Don't forget that any "free advice" you receive in this forum, is worth what you paid for it, ie nil (GST included).
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