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Need to inform ATO about incoming funds from overseas?

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Newbie

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I have recently sold my PPOR overseas and am due to transfer the money to my account here in Australia. I have been back in Australia for about 18mths after living overseas for almost 11yrs. I am currently living with family while i wait for my house to be built so i believe i am entitled to claim the 6yr PPOR rule, however i was wondering if i need to notify the ATO of the funds when i receive them, or at tax time?

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Most helpful response

ATO Community Support

Replies 0

 

Hi @ysenrab

 

Great to have you join our community so welcome.

 

As @macfanboy rightly says if it was your principle place of residence and you have no other property you have already applied the exemption too then correct it will not have a CGT obligation. If you rented it for the 18months since your return correct also, it would be covered by the 6 year rule or left vacant since returning to Australia the same.  See Moving to Australian permanently.

 

As for notifying the ATO, really nothing particularly required. Just keep documentation  to show where the money has come from so should AUSTRAC or Tax query it you can show the source.

 

Hope this is of assistance.

 

Kind regards

MarkA

2 REPLIES 2

Taxicorn

Replies 0

So you sold your PPOR whilst in Australia and was considered to be an Australian Resident for tax purposes?

 

You also have never owned any other property whilst the other property was your PPOR?

 

If so then the sale is CGT free and nothing to do with a 6-year rule.

 

Most helpful response

ATO Community Support

Replies 0

 

Hi @ysenrab

 

Great to have you join our community so welcome.

 

As @macfanboy rightly says if it was your principle place of residence and you have no other property you have already applied the exemption too then correct it will not have a CGT obligation. If you rented it for the 18months since your return correct also, it would be covered by the 6 year rule or left vacant since returning to Australia the same.  See Moving to Australian permanently.

 

As for notifying the ATO, really nothing particularly required. Just keep documentation  to show where the money has come from so should AUSTRAC or Tax query it you can show the source.

 

Hope this is of assistance.

 

Kind regards

MarkA