Expats and Capital Gains Tax

Expats and Capital Gains Tax

Ran a modelling scenario for an expat on a property that was their main residence.

The results shocked them.

“So you are telling me that if I sell the property prior to 30 June i pay XXX in tax and after the 30th June it is hundreds of thousands of dollars more ?” “That can’t be right !!”

Unfortunately it is.

And with COVID travel restrictions it makes it even harder. And if they do decide to exchange contracts prior to 30 June they also need to organise 2 valuations.

One when it first became available for rent and one in May 2012. Not such an easy task.

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