Rental or lease payments of Australian property for Non-residents

Rental or lease payments of Australian property for Non-residents

Tax Issues

Please note that due to being able to claim depreciation of the building, very little tax will be payable in the first 5 years. The supplied depreciation schedules show the amounts that are allowable as a deduction under the Australian tax law. This is debited against the taxable income

Foreign residents
If you are a foreign resident for the full year, the following rates apply:
Tax rates 2011-12
The following rates for 2011-12 apply from 1 July 2011.
Taxable income Tax on this income
0 – $37,000 29c for each $1
$37,001 – $80,000 $10,730 plus 30c for each $1 over $37,000
$80,001 – $180,000 $23,630 plus 37c for each $1 over $80,000
$180,001 and over $60,630 plus 45c for each $1 over $180,000


http://www.firb.gov.au/content/faq.asp

As foreign non-residents, they can seek approval to purchase vacant land or a new dwelling.

They will not be permitted to purchase any interest in an established (second-hand) dwelling.

Definition of a new dwelling

A dwelling that has not been previously sold by the developer and has not been previously occupied (such as, by tenants) for more than 12 months.

New dwellings include those that are part of extensively refurbished buildings where the building’s use has undergone a change from non-residential (for example, office or warehouse) to residential. It does not include established residential real estate that has been refurbished or renovated.

therefore,

Under this general principle, Foreign Buyers are permitted to purchase the following categories of residential real estate in Australia:

(i) A new residential high rise apartment / townhouse / stand alone house where the property has not been previously sold (in other words the buyer is purchasing the property from the original developer/builder) and the property has not been rented out for a period of not more than twelve (12) months.

http://kinsalepropertygroup.com/tools/nras/

 

http://www.exfin.com/australian-property-firb

A Guide for Foreign Citizens Buying Australian Property 2015 v3.8

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