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First, as an Australian tax resident you pay tax on your worldwide income, with a credit for any overseas tax paid if there is a double taxation treaty between Australia and the country in question.
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The cost base of the property will depend on whether there was a partial change in ownership between your wife and her family members when the three-unit dwelling was constructed.
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There are capital gains tax (CGT) implications in your circumstances as the initial period when you took ownership of the property was subject to a tenancy arrangement and cannot be treated as your main residence period.
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