Wondering if any one would know where I stand in my current situation. I am currently working in the Middle East and have residency. I am now a non-resident for tax reasons in Australia. I will have a full year where I have paid no tax in Austarlia. I have a rental property that I want to sell that has a has gone up 200,000 since purchase. How much capital gains tax would I stand to pay on this since I do not have a tax bracket as I have not worked in Australia that year.
This is a complex area.
I don't know the answer, but first thing to do would be to check on the ATO site and see if your country has a double tax agreement with Australia. if it does you may have to pay tax in your host country. If there is no agreement, then you will probably have to submit a tax return here and be tax accordingly – ie the CGT is added to your Australian income – you may have losses from prerious years which are carried forward which can help offset the gain.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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