CGT on Selling Overseas Property after becoming Australian Tax Resident

(I'm new)I'm new

23 July 2025

Hi All,

I bought property in my home country in 2013 and sold it in Jul2024.

During I owned it, the property was vacant.

I relocated to Australia in 2018 and become PR in 2021.

Pls help me with my questions:

How to calculate the acquisition cost? was it all the money including all exp I paid when I purchased the property in 2013? Or it should be the market value of the property in 2018 the day I relocate and become a student in Australia? or the market value of the property in 2021 when I got my PR?
If the answer for question 1 is market value either 2018 or 2021, how to calculate this market value? Can I use the developer company 2018 or 2021 pricelist for the same house? or should we hire a professional valuator in my country to do the valuation either 2018 or 2021 market value of the property?
I paid legal fees, property agent commission and income tax during the sale transaction, will all these payments be considered as deduction when we calculate the CGT?
If, I ended up get CGT Loss on this transaction, how will this impact my income tax return this year?

Thank you all for your help!

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(Taxicorn)Taxicorn

23 July 2025

Most likely market value on 2021 date. Temporary tax residents are only have CGT on taxable australian property
ATO has information on market valuation. Would be better to get a valuation report.
1. Yes you can read up on cost base. Legal fees, commission would be element 2.
2. I'm assuming that's foreign income tax paid, it's not part of cost base. Should check if there is a double tax agreement between your home country and Australia.
3. Do take care that you may have to portion the foreign income tax paid because of the assessable gains are different in your home country.
4. "If only part of a foreign capital gain is assessable in Australia (for example, the gain is subject to the discount capital gains concessions in Division 115 of the ITAA 1997) the foreign tax paid on the gain must be apportioned accordingly." - page
Not much. CGT loss would be carried forward to offset future gain.

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