Hi,
After working in my home country for the past 30 years, I returned to Sydney about 5 years ago. I brought with me a sum of money made from the property I sold in my home country before returning to Sydney. I then bought an apartment in Sydney in which I have been living since my return. The property prices in my home country has fallen substantially. My son who stays in my home country wishes to buy a property there. We sold our Sydney apartment and plan to wire the money to my son so that he can buy a property in our home country.
Questions:
When we wire the money (around 1 million) overseas, do we have to inform the ATO or other government agencies/departments? My friend said that I need to get a tax clearance cert. Is that correct? I don't need to pay CGT as I have been living in the units for the past 5 years.
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