Have a Tax Question? Ask a Tax Expert
We have a house in Singapore before we were granted
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?
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.