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Sold House Overseas

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Newbie

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I have bought a house in 2005 at overseas location (i am a citizen of that country and was living over there at that time) . I sold that house in 2019 and bring the money through online transfer to buy a house over here in australia.
I am PR holder of australia from 2016 and living here from 2016.
I have paid all the taxes overseas after selling that house including capital gain tax (as per their tax laws).
 
Do i need to pay any taxes in Australia too??
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Enthusiast

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Hi,

 

The simple answer would be; If you are now an Australian tax resident, yes. The property is taken to be acquired at the date you became a resident at its market value, so its likely your CGT Calculation will be very different to your overseas return.

 

If you have paid any overseas capital gains tax this will be able to offset the CGT in Australia however you will need to determine your foreign income tax offset threshold.

 

This is a complicated issue and I reccommend seeking help from a tax professional.

 

Hope this helps

 

@tnewman11 

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Most helpful response

Enthusiast

Replies 1

Hi,

 

The simple answer would be; If you are now an Australian tax resident, yes. The property is taken to be acquired at the date you became a resident at its market value, so its likely your CGT Calculation will be very different to your overseas return.

 

If you have paid any overseas capital gains tax this will be able to offset the CGT in Australia however you will need to determine your foreign income tax offset threshold.

 

This is a complicated issue and I reccommend seeking help from a tax professional.

 

Hope this helps

 

@tnewman11 

Newbie

Replies 0

Thanks a lot for your response