Ostroff, Fair and Company
*Ostroff, Fair and Company>>>Australia Taxes

Do I have to pay Capital Gains Tax on 2 units my deceased parents owned in New Zealand .?


My siblings and I have 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 tax in Aust. (NZ does not have a CGT so I assume we are ok there) Thanks

I see you point. In my opinion, as the houses were sold in NZ and thus subject to their laws- you shouldn't be subject to an Australian Cap Gain tax as it doesn't fall under Australian jurisdiction.
That would be the logical view, but bearing in mind how greedy the Aussie govt is (I lived there, I remember), it would be wisest to check with an accountant- as you may have to declare the money when transferring large sums into Australia.
If I were you- I'd transfer the money into an offshore account with a good interest yield which can be compounded into that same account so it continually grows and you'd not be subject to an income tax.
Or, keep it offshore and draw from it as needed into an Australian Bank. NZ Banks are safe- but I'd suggest a UK bank such as HSBC (the world's local bank!) or even Citibank, would be best as the money is easily transferable from country to country and they offer superior services than an Australian bank.
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