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Absentee Property Owner – Tax Whack - Victoria

The State of Victoria State Revenue Office (SRO) coffers must be bulging from land tax imposed on absentee owners.

This tax could mean expenses excluding interest exceed any rental income    

As a simple illustration for land with a site value of $3m normal land tax would be $24,975 p.a. but if the owner is non-resident, tax is $84,975 p.a.

An absentee individual is any individual who:-

  • is not an Australian citizen or permanent resident
  • does not ordinarily reside in Australia, and
  • was absent from Australia
    • on 31 December of the year prior to the tax year, or
    • for more than six months in total in the calendar year prior to the tax year.

An absentee corporation is a corporation:

  • that is incorporated outside Australia, or
  • in which an absentee person(s) has a controlling interest.

An absentee trust can have at least one beneficiary who is an absentee person.

This tax could mean expenses excluding interest exceed any rental income – great care is needed if potentially relevant. And the obligation is on the owner to advise SRO of their absentee status.

 

 

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