Loading
This thread is archived and the information may not be up-to-date. You can't reply to this thread.
TVas(Newbie)Newbie
10 Feb 2025

I have an apartment overseas, which I have acquired before I became an Australian resident. I'm planning to sell the apartment.

ATO resources mention that you treat the asset as though you acquired it when you became an Australian resident, and you need to keep appropriate records.

I do not have a property evaluation report on a date when I became an Australian resident. And unfortunately, evaluation authorities overseas, in my case, do not provide retrospective back-in-time evaluation reports.

Question - what type of records can I provide to ATO while lodging tax return to confirm the market price at the time when I become an Australian resident? Would screenshots from the real estate website, with historical selling properties advertisement prices work for this purpose?

308 views
5 replies
308 views
5 replies

Most helpful response

Most helpful reply

YellowPotato(Taxicorn)Taxicorn
10 Feb 2025

It would be best if you get it from a qualified valuer to reduce the risk. "If you undertake your own valuation or use valuations from people without adequate qualifications, you risk incorrectly reporting your tax and may be liable to interest and penalties." source


I think it would be better if you talk to ATO at early engagement advice or get a private ruling so that you can provide more details.

All replies

Most helpful reply

YellowPotato(Taxicorn)Taxicorn
10 Feb 2025

It would be best if you get it from a qualified valuer to reduce the risk. "If you undertake your own valuation or use valuations from people without adequate qualifications, you risk incorrectly reporting your tax and may be liable to interest and penalties." source


I think it would be better if you talk to ATO at early engagement advice or get a private ruling so that you can provide more details.

Taxduck(Taxicorn)Taxicorn
11 Feb 2025

Was the apartment your home? If so you may qualify under the main residence exemption rules (so exempt from CGT). See whether it was your main residence here

Eligibility for main residence exemption | Australian Taxation Office

See the rule for continuing to treat your former home as your main residence

Treating former home as main residence | Australian Taxation Office

TVas(Newbie)Newbie
11 Feb 2025

Thank you! Yes it was my home, but before I arrived to Australia and became a resident, so I think it does not count.

Loading
Evaluation of overseas property at the time of becoming an Australian resident | ATO Community