SearchAustralian tax considerations
John asks:
(updated on Friday, June 09th 2017)
A question on Australian CG Tax. I am looking to sell a property in Australia. Is the tax payable to the ATO claimable as an expense in your New Zealand tax return? I do file here,but I am not sure how selling an Aussie property is handled here?
Our Experts Answer:
There is no deduction available in New Zealand for the tax payable in Australia when an Australian property is sold. However, if there is a profit from the Australian investment being declared in New Zealand a credit for tax paid in Australia will be available up to the level of New Zealand tax payable. This avoids a double taxation on the income but the New Zealand government will not refund tax it did not collect.
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