Non residents – Australian Tax Implications

Investors should set up an Australian bank account from which to pay interest (if they are requiring a loan) and to have rent paid in to.

Income tax:

Investors will need to submit a tax return in Australia , where depreciation, loan costs and interest costs are claimable as tax deductions and rental income is taxable income.

A service is available to property purchasers to prepare and submit annual Australian tax returns.

More information can be found at: www.ato.gov.au

Capital Gains Tax:

This is a federal tax which is payable on the sale of property. You can get more information about this from the Australian tax Office web site at www.ato.gov.au

Land Tax:

This is a state tax and varies for each state. For more information:

•  New South Wales (Sydney) www.osr.nsw.gov.au

•  Victoria (Melbourne) see www.sro.vic.gov.au

•  Queensland (Brisbane) see www.osr.qld.gov.au

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