Posted by
char88can
15 yrs 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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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.
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There is a Aussie Tax seminar on tomorrow. Sorry but can't recall where.
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tpol
15 yrs 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
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The exemption for primary residence is only for 6 years, you have owned it for 12 however CGT is on a pro rata basis so if you did live in it for a while you may only be up for CGT on the period it was an investment property. You can apply negative gearing to the property and the losses can be carried forward indefinitely. The tax for non residents from $0 to $35,000 is 29%
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