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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13327
Experience:  15years with H & R Block. Divisional leader, Instructor
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My mother passed away in Northern Ireland almost two years

Customer Question

my mother passed away in Northern Ireland almost two years ago and left the family home to myself and another person. This property is now being sold and a buyer found. The anticipated monies that i will receive are $230.000 (Australian dollars). This will be tranferred into my Australian bank. Will I be liable for capital gains tax ?
How much tax can I expect to have to pay to the Tax Office?
Is there a way to transfer money that will give me the best exchange rate and minimise costs?
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.

Hello

If you’re an Australian resident, CGT applies to your assets anywhere in the world.

You will need to know the value of the property on the date your mother passed away. This will count as your cost and you would only pay CGT on the difference in cost and sell price (for your portion). You will split the cost and sell price in half for your calculations.

You pay tax on your capital gains. It forms part of your income tax and is not considered a separate tax – though it's referred to as capital gains tax (CGT).

If you have no gain then you would not pay tax on the sell.

Your question about transfer is outside the scope of taxation. You may wish to use your own bank for the transfer. Fees are generally lower.

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