I am currently an australian tax resident and I have foreign savings held overseas about 18 years ago which were derived from my overseas business income. These funds have already been taxed 18 years ago. In recent years, I have some invested in foreign shares with these overseas funds held in foreign bank account and have some capital gain. Australia and Malaysia has double tax treaty arrangements. Malaysia has no capital gain tax and no tax for shares and interest income received by foreign tax resident. There is no requirement to lodge a Malaysian tax return as there is no overseas tax. There is no Foreign tax credit or Foreign tax offset to claim in Australia. I don't see any need for me to report these foreign CGT on my australian tax return as there is no Malaysian CGT tax for foreign non tax resident in Malaysia.
Moreover the overseas funds were originally not income derived from an Australian source and its more than 18 years ago. I have no intentions of transferring these funds back to Australia.
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