Australian Tax advice

Posted by char88can (26 days ago)

I am currently living in HK. I bought a town house in Brisbane about 12 years ago and wish to sell. What are the tax implications for a non-Australian living abroad in HK. Will I be taxed on the capital gain? Can anyone recommend a company in HK who can give sound advice on Australian property taxes for investors living outside of Australia. Thanks.

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Posted by Craig Shergold (26 days ago)

You didn't figure that out before you bought the property ?

Posted by char88can (26 days ago)

Am looking for up-dated tax information and responses from investors who have bought in Australian and may have a contact to discuss the situation.

Posted by frozenturkey (26 days ago)

There is a Aussie Tax seminar on tomorrow. Sorry but can't recall where.

Posted by 0ze_Kid (19 days ago)

SMATS or www.aussieproperty.com should be able to help.

Do you put in a tax return in Australia? If not then I don't believe you will have capital gains.

Posted by tpol (19 days ago)

Smats as mentioned above.

However,

a) Did you live in it beforehand? If so, you can claim it is your primary residence and subsequently pay no tax.

b) Did you rent it out? Deduct all the expenses including interest and did you make a capital loss? This can offset your capital gain.

c) I believe now the CGT is that you are taxed on half the gain. So if you bought it for $200K and now sell it for $300K, you pay CGT on $50K. I think the tax rate for non residents is 30% so $15K tax. But as b) above, if you have tax credits, you can offset this.

But speak to an expert.

Cheers