as Australian tax resedent,own house nz,want to sell

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Taxduck · Answer

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 https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/property-and-capital-gains-tax/your-main-residence-home/treating-former-home-as-main-residence 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 https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/foreign-residents-and-capital-gains-tax/how-changing-residency-affects-cgt CGT can be a complex area. Best to seek professional advice if unsure.

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