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Overseas property sale

Discussion in 'Real Estate' started by cashflow, 22nd Sep, 2011.

  1. cashflow

    cashflow New Member

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    22nd Sep, 2011
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    Location:
    Sydney
    Hello,

    I am new to this, so thought I would write seeking advice or appreciate if someone point me to the right direction.

    My parents hold some overseas property (they live overseas) that they would like to sell and would like me to invest in the property market in Australia. Obviously they consider this as giving away what might be inherited in the future.

    Considering this scenario, appreciate if someone can point to me some right materials to read or people I could personally consult. I am particularly interested in knowing tax ramifications, best ways to invest etc. Also would very much like to talk to someone who has done this before. Thanks for your time.

    Cheers.
     
  2. Terryw

    Terryw Well-Known Member

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    The first place to look would be the ATO website. There is a lot of information there.

    They should be looking at CGT on overseas property and maybe determine if they would actually fall under the category of resident for tax purposes.

    They will also need to look at the laws of the country where the property is located as they may be up for tax there too.

    Depending on the country there may be a double taxation agreement with Australia which they could look into too.
     
  3. cashflow

    cashflow New Member

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    Thanks Terry.

    Also, could someone recommend whom I would be able to speak to personally?
     
  4. Terryw

    Terryw Well-Known Member

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    I know an accountant in Sydney who is good at international stuff like this.

    WIll send you his details via PM.
     
  5. vanessa

    vanessa V J Tait & Associates

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    Location:
    West Pennant Hills, Sydney, NSW
    Hi
    You should also look at the Foreign Investments Review Board (FIRB) as it may be necessary for approval to be obtained for your parents to purchase here.

    You message was not clear if the purchase would be by you in your name, or by you in your parents names.

    I would certainly speak to an international investment professional to get your advice before starting.
     
  6. cashflow

    cashflow New Member

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    22nd Sep, 2011
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    Location:
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    Thanks Terry, Venessa. Will be talking to an accountant in this area of expertise first.