How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13967
Experience:  15years with H & R Block. Divisional leader, Instructor
14155347
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

We have a house in Singapore before we were granted

Customer Question

We have a house in Singapore before we were granted Australia PR.  Now that we are staying in Australia, we have intention to buy a house in Canberra.  Will the ATO tax us on this property that we are going to buy?  What happened to our property in Singapore, if we were to sell it later but not in the near future as my husband is still leaving there?  Will the ATO tax us if we were to sell our Singapore property later?

Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.

Hello

As an Australian resident, you are generally taxed on any capital gains you make on overseas assets – for example, when you sell an overseas property. You must report the gain in your tax return.

If the gain is taxable in Australia and you've paid foreign tax on it, you may be entitled to a foreign income tax offset.

Yes, if you sell the foreign property you will be taxed in Australia.

Related Tax Questions