Australia Law

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I want to communicate with an australian lawyer to ask about
i want to communicate with an australian lawyer to ask about capital gains tax issue. If i get a 188b provisional visa, i know that i do not need to pay capital gains tax on sale of my hong kong property. however, if i finally get the 888 permanent residency status visa and then sell my hong kong property, how will the australian tax authority tax me on capital gains tax, do they calculate capital gains tax based the difference i) between the market value i sell it minus the property cost when i first purchased it, which may be more than 10 years ago or ii) the market value i sell my hong kong property minus the market value at the point when i am officially granted the 888 permanent residency status? In other words, how do they assess the cost basis of my Hong Kong property when it is sold for capital gains tax purpose? … read more
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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