Capital Gains Tax on overseas property

Question

 · Accepted Answer

ZiadATO · Answer

Hey CGT rules apply the same if you have a property o'seas so if you sell it, then CGT will apply. Check out this link that talks about CGT on o'seas assets (https://www.ato.gov.au/businesses-and-organisations/international-tax-for-business/australians-doing-business-overseas/capital-gains-on-overseas-assets). However, you can claim a foreign income tax offset which will reduce the amount of tax you have to pay Given it's your only home but you haven't lived in it then you can't claim it as your main residence. It would be a good idea to reach out to our tailored technical team (https://www.ato.gov.au/about-ato/ato-advice-and-guidance/tailored-technical-assistance) for further advice.

Explore tax & super topicsExplore tax & super topics

About usAbout us