Rosm

Thank you again. All so helpful.

A big thank you to both Ken and Alan. I’ve calculated the value at the relevant exchange rates and based on this there is no gain. As there is no gain on this basis would I still declare it on my Australian tax return. Once again, a big thank you.

Thanks again, Alan. That’s very helpful. Can I ask when I would notify for the Australian tax?

Thank you, Alan. No I haven’t lodged anything yet and I do not have CGT prepared under Australian tax rules

Hello Ken. Thanks for your reply. I was gifted the property in September 2021 and it was sold in August 2022. It would be great if there was an exemption especially as I now realise that keeping it for a year may have been beneficial. I have been an Australian tax resident for the whole time. I will check out the AUD values.

Great thread but doesn’t quite cover my situation. I am now a UK non resident. In September 2021 I took ownership of a house in Uk which was rented out. I sold it a some months later. There was a small gain after deducting selling and buying costs. This gain is less than the UK CGT allowance hence there is no CGT to pay in the Uk. I became an Australian citizen in 2021 and was permanent resident for 2 years before that. Could I please have advice as to whether I will pay Australian CGT which I believe is at my income tax rate even though I will have no CGT to pay in the UK because of the CGT allowance there? Thank you