Australia capital gains on property

Posted by dizzyhytes (168 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)

Posted by Saikunga (153 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 (153 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)