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.

By Terry Murphy
Last updated January 2017