hi guys, i bought an investment property in septmber 2007 and i have sell it recently and making an profit about $43,000, i am from oversea and dont have any other income in australia. so could anyone tell me how much tax do i have to pay if i am an non-resident of australia. thanks
Complicated I am afraid. It may depend on which country you are from as there are double tax agreements between Australia and various countries so you may pay not tax here, but overseas instead.
If you were treated so that your overseas income is disregarded then, possibly it would be calculated like this.
– if held more than 12 months, you can divide the profit by half = $21,500
(I am assuming you have taken the profit as selling cost – purchase price – buying and selling costs such as stamp duty, agents fees etc).
– This figure is then added to your other income if any.
– If no other income you would have a taxable income of $21,500 and would pay tax on this at the applicable rate.
– If you are a non-resident for tax purposes (which is different than for immigration purposes) then you will pay tax at the rate of 30% at least.
– so roughly $7000 in tax.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
thank you very much for your help. terry. i am from singapore
Hi Tax Experts,
My mum bought a piece of land in 1998 and I built my house on it in 2000. Since then, we live in the house as a primary residence. My mum leaves a will to pass the ownership of the land to me. I am wondering after I inherite the land, will I need to pay capital gain tax when I sell my house?
Please advise,
Thanks,
Regards,
Hong
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