Australian Expats in Singapore must make decision before 30 June 2020
7 February, 2020
Australian property owners living overseas have until the end of June to sell their homes if they want to avoid a severe capital gains tax bill.
Up until early December 2019 Australian expatriates have been able to claim the CGT exemption on their family home as long as their home was not rented out for longer than 6 years at a time.
The Federal Government has given Australian Expatriates up until 30 June 2020 to decide if they want to retain or sell their property.
If you live in Singapore and own an Australian home in which you previously lived it is highly advised that you seek professional advice as soon as possible.
Questions you need to ask:
- What is my CGT bill if I sell before June 30th 2020?
- What happens if I sell after June 30th 2020 while living overseas?
- What happens if I move back into my property and sell?
- Is it worth selling now or should I wait until I return home?
The answer to these questions will be determined on a case by case basis.
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Nothing on this website should be considered financial advice of any kind. Please consult your professional adviser before making any investment decision. Any content on this site relating to tax matters is for general information only, may not be up to date, and should not be considered tax advice of any kind.