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Transfer personal funds from overseas

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Newbie

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Replies 3

HI,

 

We are planning to sell our property in the Philippines then I will transfer the proceeds of the sales from my savings account overseas into my  Australian savings bank account.

 

We used our house for vacation in the Philippines once per year and often time, the house is empty for most of the year.

 

How will ATO assess the transfer of the funds from the sales proceeds of our house?

 

will the proceeds be accessible income under my account?

 

Thank you

Elon

1 ACCEPTED SOLUTION

Accepted Solutions
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Most helpful response

Taxicorn

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Do you own any Australian Property (Real Estate)?

 

If you do then this sale may be subject to Capital Gains tax.

 

When did you become an Australian Resident for tax purposes?

 

 

3 REPLIES 3
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Most helpful response

Taxicorn

Replies 0

Do you own any Australian Property (Real Estate)?

 

If you do then this sale may be subject to Capital Gains tax.

 

When did you become an Australian Resident for tax purposes?

 

 

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Community Support

Replies 1

Hi @Elon

 

Welcome to our Community!

 

If you're an Australian resident for tax purposes, you can only have on main residence at a time so if you have an investment property which you later sell, capital gains tax may apply. There are a number of factors to consider when working out capital gains tax so have read of the information about Your home and other real estate in our Capital gains tax guide on our website. 

 

If you're like a more tailored response relating to your specific situation, we'd recommend contacting our Early engagement team by submitting a request form or requesting a call back and an officer will contact you to discuss your situation further. 

 

Thanks, JodieH. 

 

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Newbie

Replies 0

thank you all