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International assets

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When do you have to declare international assets?
My family have inherited property overseas & it has multiple inheritors. As far as I know the property has not been valued.
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Taxicorn

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@JFitzys 

 

There is a question on the tax return asking if you have any interest in any assets overseas worth more than $50,000

https://www.ato.gov.au/Individuals/Tax-Return/2018/Supplementary-tax-return/Income-questions-13-24/2...

 

 

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Taxicorn

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@JFitzys 

 

There is a question on the tax return asking if you have any interest in any assets overseas worth more than $50,000

https://www.ato.gov.au/Individuals/Tax-Return/2018/Supplementary-tax-return/Income-questions-13-24/2...

 

 

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Community Support

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Hi @JFitzys,

 

Thanks for your question!

 

@macfanboy is correct - you can find the updated information for myTax 2019 here. If this property hasn't been valued yet, it might be a good idea to get this done as soon as possible so that everybody can abide by their obligations correctly.

 

If it is valued at more than $50,000, you will need to declare it as an overseas asset even if no income has been earned from it.

 

Hope this helps,

 

Rachael B.