Hi
Myself and my husband are resident in Ireland for tax purposes. We have been her since 2004. We are looking at selling our house in Australia and stand to have approx. 200K Euro to transfer from Australia to Ireland. We pay tax in Australia yearly on the rental income but have never declaired it here as we thougth we were paying taxes in aus so all was ok. My questions are 1, what tax are we liable for if we bring the money into Ireland post aussie tax returns and paying CGT there, 2, should we have declared the property to Revenue and 3 have we missed out on credits by over paying tax here or will we have some liabilities here for not declaring it. I hope this is enough detail to answer the question.
All advise greatly welcome.
Myself and my husband are resident in Ireland for tax purposes. We have been her since 2004. We are looking at selling our house in Australia and stand to have approx. 200K Euro to transfer from Australia to Ireland. We pay tax in Australia yearly on the rental income but have never declaired it here as we thougth we were paying taxes in aus so all was ok. My questions are 1, what tax are we liable for if we bring the money into Ireland post aussie tax returns and paying CGT there, 2, should we have declared the property to Revenue and 3 have we missed out on credits by over paying tax here or will we have some liabilities here for not declaring it. I hope this is enough detail to answer the question.
All advise greatly welcome.