Australia capital gains on property

Posted by dizzyhytes (187 days ago)

Wrong forum I know but I thought there may be a lot of Aussies on this forum. I would like to have an idea of the capital gains tax payable on the sale of Australian property. I understand that it is scaled depending on how soon you sell the property after purchase, but can anyone give me an estimate of the tiers? e.g. <1 yr=40%, 1-2 yrs=30%, and so forth.

I will naturally do my own detailed research but want to get a sense quickly.

thanks

(I am based in Hong Kong)

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Posted by Saikunga (172 days ago)

You need to talk to an Australian accountant who understands non resident stuff.

The equation is quite complicated and as a non resident you will not get any 'free threshold" ie you will taxed on the whole lot.

Have a look here and see if this helps
http://www.ato.gov.au/individuals/content.asp?doc=/content/36520.htm

(I am based in Hong Kong)

Posted by dizzyhytes (172 days ago)

Hi Saikunga

Thanks for your reply. I was afraid of it would be complicated... Thought I could do a quick and dirty calculation to work it out but I guess not! Thanks for the referral to the website of the tax office; I'm going to have to put a lot of research and thought into this.

Thanks and regards
Kathy

(I am based in Hong Kong)