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JellyP(Newbie)Newbie
8 Mar 2024

Hi


I am an Australian citizen moving back to Aus from NZ.


I would very much like advice on the following...

If we move out of our NZ property, rent it, move to Australia, become tax residents......


Are we -

1. Having to pay CGT on our 'main residence' once we move out till when we sell it?

2. Pay NZ tax? (will this be offset in Aus)

3. Is lt less cost to us to just, move out of our 'main residence', move to Australia and sell it straight away?

4. Does the 6 year rule apply to our NZ home?


Thanks heaps!

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Most helpful reply

SandraATO(Community Support)Community Support
13 Mar 2024

HI @JellyP


1. Yes but that depends. CGT applies to you if you're an Australian tax resident and you have gains from selling your New Zealand property. You may not have to pay CGT though if you qualify for the main residence exemption at the time you sell. There's a calculation tool that might assist with working out CGT.


2. We have a double taxation agreement with NZ. If you're a tax resident here, you should be paying tax here. If you're paying tax in NZ as well then you can likely claim a credit in your Australian tax return. This is known as a foreign income tax offset.


3. It's best to seek financial advice to work out what's best for your situation.


4. Yes! It's possible to apply the 6-year rule, you'd need to meet the criteria.


Your guide to CGT and property has relevant info and links for you. Check it out!

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Most helpful reply

SandraATO(Community Support)Community Support
13 Mar 2024

HI @JellyP


1. Yes but that depends. CGT applies to you if you're an Australian tax resident and you have gains from selling your New Zealand property. You may not have to pay CGT though if you qualify for the main residence exemption at the time you sell. There's a calculation tool that might assist with working out CGT.


2. We have a double taxation agreement with NZ. If you're a tax resident here, you should be paying tax here. If you're paying tax in NZ as well then you can likely claim a credit in your Australian tax return. This is known as a foreign income tax offset.


3. It's best to seek financial advice to work out what's best for your situation.


4. Yes! It's possible to apply the 6-year rule, you'd need to meet the criteria.


Your guide to CGT and property has relevant info and links for you. Check it out!

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