Selling oversea asset - CGT or not?

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(Newbie)Newbie

24 July 2024

We are currently in temporarily resident 188-visa (since 2022) but AUS tax resident. Before obtaining the visa (in 2019), we got the asset (not in AUS) which was officially audited & valuated at about $300,000. The auditing & valuating document was submitted to SAFA.

Now, in 2024, we are going to sell the asset at the price of $300,000. We bought it in 2010 at $100,000. Do we have to pay the CGT for the AUS as I think the asset has been established before obtaining the visa & moving to the AUS.

Thanks.

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Taxduck

(Taxicorn)Taxicorn

26 July 2024

When you become a permanent resident the deemed acquisition cost for the cost base of any overseas assets is the market value of the asset on the date you gain permanent residency. This link explains

How changing residency affects CGT | Australian Taxation Office (ato.gov.au)

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Taxduck

(Taxicorn)Taxicorn

24 July 2024

Temporary residents only declare CGT on taxable Australian property. Link below explains.

Your residency status and CGT | Australian Taxation Office (ato.gov.au)

An overseas asset is not taxable Australian property.

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Linchouwong

(Newbie)Newbie

26 July 2024

Thank you,

How about we sell the asset after obtaining the Permanent Residency in the future, do we need to pay the CGT while as the asset was established and certified before having the temporarily visa & moving in the AUS (in 2022).

Thanks and best regards,

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