23rd November 2021 | Tax
Capital Gains Tax is will now become an issue for non-residents of Australia. As of the changes made in 2020 any properties sold in Australia will attract a CGT, with no allowance for any prior use as the family’s main residence. If you are living outside of Australia, you may want to come back to live on your property before you sell it.
The only way to avoid the CGT is if you come back and live in your property before the 6th year period before you can sell it.
If you are a foreign resident selling Australian real estate worth more than $750,000, the buyer of your property must withhold 12.5% of the purchase price and send it to us.
This is called foreign resident capital gains withholding. You can claim it back when you lodge your Australian tax return.
To find out more information about Tax you can visit the ATO website
Or contact our team at Ax3 Partners on 03 9995 7261
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