Do Australians pay capital gains tax when selling a US investment property?

Yes, but the US Capital Gains Tax is far different to the Australian Capital Gains Tax. In the US if you sell a property, making a profit, and the funds are reinvested into another property within 180 days, no Capital Gains Tax is paid. It is only when you take out the funds and not re-invest that tax is paid.
Again the conditions are favorable with the Taxation Treaty, and your accountant can explain your personal situation.

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