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Tax Robin
Tax Robin, Tax Advisor
Category: General
Satisfied Customers: 13319
Experience:  15 plus years International Tax Law, Instructor
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Do I pay tax in Australia on property I inherited and sold

Customer Question

do I pay tax in Australia on property I inherited and sold in finland, after paying inheritance tax in finland
Submitted: 1 year ago.
Category: Australian Tax
Expert:  Tax Robin replied 1 year ago.

Hello

If you’re an Australian resident, Ca[ital Gains Tax applies to your assets anywhere in the world. You pay tax on the gain of property that is sold. That is totally different form any inheritance tax paid in Finland.

When you sell or otherwise dispose of an asset it's called a CGT event. This is the point at which you make a capital gain or capital loss.

You'll be taken to have acquired the property at its market value at the date of death. If the executor or trustee has had it valued, get a copy of that valuation report. Otherwise, you'll need to get your own valuation. This will be your COST and the difference in that and the sell will be gain or loss.

If my answer addressed your question please rate below or above (let me know if you have difficulty as I believe the system changed), if you need more information reply below.

Expert:  Tax Robin replied 1 year ago.

Please advise if you need more information or rating in a positive way is acceptable.