All Topics / Help Needed! / Australian Property Tax Regulation

Viewing 8 posts - 1 through 8 (of 8 total)
  • Profile photo of Jason118Jason118
    Member
    @jason118
    Join Date: 2011
    Post Count: 3
    February 8, 2011 - 8:07 pm

    What should I know about Property tax in Australia? What is the tax treatment for a resident and non-resident?

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    February 8, 2011 - 9:47 pm

    check the FIRB’s website for details pertaining to the purchase of property by non-residents.

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544
    February 9, 2011 - 12:35 am

    Also look at the ATO website for general tax information relating to rental properties.

    http://www.ato.gov.au/content/downloads/IND00237831N17290610.pdf

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    February 9, 2011 - 2:25 am

    Residence for tax purposes is different to residence for immigration purposes – so you could be here on a permanent resident visa, but still be a non resident for tax or you could be an Aussie citizen and a non-resident for tax.

    Non residents generally pay 29%+ in tax with no tax free threshold. But different types of income are taxed differently. It is very complex and you will need specific advice.

    (ps welcome back Derek!)

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of michaelandre70michaelandre70
    Member
    @michaelandre70
    Join Date: 2009
    Post Count: 34
    February 9, 2011 - 4:07 am

    i am a bit confused. so anyone who does not live in Australia, but have an investment there would be treated as a non resident?

    i also would like to know whether the non residents have to pay more tax than the residents or not.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    February 9, 2011 - 4:11 am
    michaelandre70 wrote:
    i am a bit confused. so anyone who does not live in Australia, but have an investment there would be treated as a non resident?

    i also would like to know whether the non residents have to pay more tax than the residents or not.

    Residency depends on a number of factors. You could be living overseas but still a resident. You will really need advice to work out if you qualify – unless your situation is straight forward.

    Yes, non residents may have to pay more tax than a resident. But it depends on what the income is, what country they are residents of, and their other income etc. Non residents may also have to pay tax in their country of residence as well as Aust.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Jason118Jason118
    Member
    @jason118
    Join Date: 2011
    Post Count: 3
    February 9, 2011 - 12:35 pm

    Thanks everyone!! Is much appreciated, I am amazed of the prompt responses and will check the given websites!!

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544
    February 10, 2011 - 11:45 am
    Terryw wrote:
    (ps welcome back Derek!)

    Thanks Terry – been awhile.

Viewing 8 posts - 1 through 8 (of 8 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.