My parents passed away recently leaving my brother and myself a house in New Zealand. They along with my brother are New Zealand citizens whilst I'm Australian residing in Victoria. The house was built 4 years ago costing 750,000 and is valued at 1,000,000 now, we are both executors of the will, will I pay any tax in australia if we sell the house now and transfer my half to Australia
Hey Sammy
It is always worthwhile getting expert advice but briefly there is no inheritance tax in Australia
However, a tax adviser may need to advise you on whether there is any exemption or liability for the capital gain aspect of the proceeds of the sale.
One of the active Tax experts here might yet really to that half of your question.
If the process of selling the property within the estate is the same as here in Australia then tax is not an issue for you. Here executors transfer the title of the property into their names as the legal personal representatives of the deceased. They can then sell the property. If CGT (capital gains tax) is applicable on the sale then it is the deceased estate that pays the tax.
The proceeds from the sale are then distributed to the beneficiaries as cash. This distribution is not taxed.
An individual only has CGT consequences if the title of the property is transferred into their name as the new owner of the property. Then, at a later date they sell.
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