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Non resident for tax purposes with rental property in australia

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Hello,

I have a specific scenario that I can't seem to get an answer for.

I am Australian, my wife is French. In 2014 we bought a house in NSW. Joint ownership 50/50.

At the end of 2015 we moved to France and kept the house in NSW which is being rented out.

I am now a non-resident of australia for tax purposes because I live overseas permanantly.

 

My first question is:

Do either myself or my wife need to file australian tax returns? The rental property in NSW is pretty much running at a loss or break even.

 

Im worried in the future that when we sell it we will pay too much CGT.

Which brings me to my second question:

Is there a method of which we can reduce the amount of CGT to pay?

 

Thanks

 

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Hi @dompierrelapin,


Welcome to our Community!  Thanks for your question.


You can check if you’re required to lodge by using our Do I need to lodge a tax return? tool.


If you sell your rental property in the future, you may be liable for a capital gain. I have included some helpful links from our website that may assist your understanding of Capital gains tax:

 

I hope this helps, Jodie M

1 REPLY 1

Best answer

ATO Certified

Community Support

Replies 0

Hi @dompierrelapin,


Welcome to our Community!  Thanks for your question.


You can check if you’re required to lodge by using our Do I need to lodge a tax return? tool.


If you sell your rental property in the future, you may be liable for a capital gain. I have included some helpful links from our website that may assist your understanding of Capital gains tax:

 

I hope this helps, Jodie M

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