Do I pay capital gains tax on the 2 units belonging to my deceased parents in New Zealand.?
My brothers and sisters and I just sold 2 units that our deceased parents owned in NZ. We all live in Australia as did our parents before their deaths. Do we have to pay capital gains Aust. (NZ has no CGT, so I guess we're ok there) Thanks
I see you point. In my opinion, that the houses were sold in New Zealand and therefore subject to their laws, you should not be subject to Australian tax as Cap Gain it does not fall under Australian jurisdiction. That would be the logical point of view, but bearing in mind how the govt is keen Aussie (I I lived, I remember) it would be wise to check with an accountant, you may have to declare the money when transferring large are in Australia. If I were you, I transfer money into an offshore account with a yield of interest rates which may be aggravated into the same account so that it grows continuously and you would not be subject to income tax. However, keep at sea and take necessary in an Australian bank. New Zealand banks are safe, but I suggest a bank in the UK as HSBC (the world local bank!) Or Citibank, Ideally, the money is easily transferable from one country to another and they offer superior service to an Australian bank.
Stunning Emigrate to a New Zealand Paradise