Hi ATO Community,
I moved to Australia in 2018 with a permanent residency.I am an Australian tax resident.I built my house in overseas in 2012 and had been living in it until I moved to Australia in 2018.It has been vacant all these years and now I need to sell my primary residence in overseas. I want to know whether my proceedings will be taxed when I bring it to Australia.If so,what will be the tax rate? Please advise.Thanks in advance.
Hi @MCJ,
If you owned a main residence overseas before becoming an Australian resident for tax purposes, the 6yr exemption rule may apply, provided you did not own another property during that time. You can only have one main residence at any given time. We have also provided an answer to a very similar question on our forum, you can use the links below for further information.
Links -
Taxation Determination 95/7.
Main residence prior to Australian residency.
All the best.
Hi @MCJ,
If you owned a main residence overseas before becoming an Australian resident for tax purposes, the 6yr exemption rule may apply, provided you did not own another property during that time. You can only have one main residence at any given time. We have also provided an answer to a very similar question on our forum, you can use the links below for further information.
Links -
Taxation Determination 95/7.
Main residence prior to Australian residency.
All the best.
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