Announcements
We're doing scheduled maintenance on ATO Community to bring you a bigger, better and brighter online community.
You may see us go into read-only mode every now and then while we do this. Don't worry! You'll still be able to search the site to find your answers

ATO Community

I want to bring the proceeds of the sale of my home to Australia, will I be taxed?

I'm new

Views 207

Replies 1

 Hello,

I am a NZ citizen and I have been living here for just over a year. I recently returned to NZ to sell my apartment (it was the family home as my husband was still living in it). I want to bring the proceeds of the sale to Australia but I need to know if that money will be taxed. Thank you.

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 0

Hi @NancySpider,

 

Unfortunately we aren't able to provide a direct answer here as other aspects need to be considered, such as your Australian tax residency status, if you've purchased another property as a primary residence in Australia, and when the original property in NZ was purchased (to determine whether it's a pre or post capital gains tax asset).

 

To help with this, I've found a few posts on the community forum that discuss tax and selling overseas assets. The responses from @KylieATO, @JodieH, and @BlakeATO are quite helpful and include additional links that would be worthwhile exploring.

 

If you still have questions or want some clarification, please reach out and we'll be here Smiley Happy

 

ATO website- Foreign Income

ATO forum post- NZ Citizen selling primary home in NZ, liability for CGT

ATO forum post- Selling overseas property

ATO forum post- Sale of overseas property

 

RachATO

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hi @NancySpider,

 

Unfortunately we aren't able to provide a direct answer here as other aspects need to be considered, such as your Australian tax residency status, if you've purchased another property as a primary residence in Australia, and when the original property in NZ was purchased (to determine whether it's a pre or post capital gains tax asset).

 

To help with this, I've found a few posts on the community forum that discuss tax and selling overseas assets. The responses from @KylieATO, @JodieH, and @BlakeATO are quite helpful and include additional links that would be worthwhile exploring.

 

If you still have questions or want some clarification, please reach out and we'll be here Smiley Happy

 

ATO website- Foreign Income

ATO forum post- NZ Citizen selling primary home in NZ, liability for CGT

ATO forum post- Selling overseas property

ATO forum post- Sale of overseas property

 

RachATO