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Hi! It is our hope that someone from this forum can help us clarify this taxation question. Any information will be greatly appreciated.
As Filipino citizens, my wife and I acquired a vacant lot in the Philippines in 2008. The land title is in our names as spouses. We moved to Australia on Dec 2012 under a 457 visa, obtained a Permanent Residency (PR) visa on Jan 2015 and became Australian citizens on July 2017. We are planning to sell the said property this year (2021).
My question is - how will the Capital Gain Tax be computed in our case given that we acquired the property before migrating to Australia? How will the market value of the property be computed, say in 2012, for CGT computation purposes?
Is it correct to assume that the capital gain will be split between my wife and I when we file our respective income tax declarations? We both work and belong to different income tax brackets.