CGT: Selling an inherited property that is located overseas

Discussion in 'Legal Issues' started by John Memory, 8th Nov, 2021.

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  1. John Memory

    John Memory Member

    Joined:
    8th Jan, 2021
    Posts:
    8
    Location:
    Brisbane
    Hi all

    I live in Australia and have been in Brisbane for over 30 years. I have an overseas property(Land) that I inherited from my father (when he passed away in 1983).

    This land I inherited/own is located overseas and has no house (it is just bare land). Now I have a buyer wishing to purchase it from me now and I plan to sell it.

    Can anyone advise if there is any CGT to paid on this land if I sell it?

    Thank u for any advice
     
    John Memory, 8th Nov, 2021
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,985
    Location:
    Australia wide
    from Aust perspective, It could be CGT free as it predates the into of CGT in 1985. But....

    Make sure you seek tax advice.
     
    Terry_w, 8th Nov, 2021
    #2
    Paul@PAS likes this.