Capital gains on overseas assets

If you are an Australian resident, your capital gains on overseas assets are treated in the same way as your capital gains on Australian property.

Should you make a capital gain that is taxable in Australia and you have paid foreign tax on it, you may be entitled to a foreign income tax offset.

If you operate an Australian company, certain capital gains and capital losses you make on the disposal of your shares in foreign companies with underlying active businesses are disregarded or reduced.

You may be entitled to the discount if you are a resident, however, non-residents or temporary residents are unlikely to get such. This is determined on a case-by-case basis.
 
We advise you to make an appointment with your nearest TaxAssist Accountant for a free, initial consultation.

Date published 20 Jan 2017

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.