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Jl6232(Newbie)Newbie
25 Mar 2021

I am an Australian living overseas for years. Plan to return Australia. If I keep my existing overseas apartment which is my current residence for couple of years after my return & then sell. What is the base of calculating Capital Gain for such sale of oversea property while a tax resident? Estimate market price at the date of return or the original purchase cost of the property? If it is a capital loss, how the loss be treated. Pl advise! Tks!

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_thne(Devotee)Devotee
25 Mar 2021

Cost base of your overseas property (acquired post-1985) would generally be the market value at the time you become an Australian resident, and, for CGT purposes, you are deemed to have re-acquired that property at the time you become an Australian resident.

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_thne(Devotee)Devotee
25 Mar 2021

Cost base of your overseas property (acquired post-1985) would generally be the market value at the time you become an Australian resident, and, for CGT purposes, you are deemed to have re-acquired that property at the time you become an Australian resident.

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