VIC $4million cash, 40, single [plan needed]

Discussion in 'Where to Buy' started by cloudproof, 4th Apr, 2017.

Join Australia's most dynamic and respected property investment community
Tags:
Page 4 of 4
  1. alicudi

    alicudi Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    423
    Location:
    Melbourne, Australia
    Hi

    That is the common denominator of all divorces!

    Regards,

    alicudi
     
    alicudi, 5th Apr, 2017
    #61
    MTR likes this.
  2. cloudproof

    cloudproof Member

    Joined:
    2nd Apr, 2017
    Posts:
    8
    Location:
    Melbourne
    A couple of people suggested considering tax nonresidency and residency of a low tax jurisdiction.

    I was planning to live overseas for a year or perhaps more and could set up a base in another country.

    My understanding was that direct investment in Australian property requires Australian non-residents to still file an Australian tax return and pay Australian tax at non-resident rates. Is this true? Does this impede commercial or residential investing and favour LICs?
     
    cloudproof, 5th Apr, 2017
    #62
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    42,001
    Location:
    Australia wide
    Yes that is the case.
     
    Terry_w, 5th Apr, 2017
    #63
  4. JDP1

    JDP1 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    4,244
    Location:
    Brisbane
    Switzerland is nice this time year..as is the cayman islands...make a trip to see some tax attorneys in Panama on your way there.
    Trust me...you will be thankful :)
     
    JDP1, 5th Apr, 2017
    #64
    Phase2 likes this.
  5. Momentum

    Momentum Well-Known Member

    Joined:
    19th Aug, 2015
    Posts:
    1,123
    Location:
    Collins St, Melbourne
    Great advice except I can't see any advantage of being non-res except if most of his income was derived from overseas. As a non-res I pay a shedload more tax because I've lost my 50% CGT discount plus I pay tax on the first dollar. A resident gets the first $19k free and the CGT discount.
     
    Momentum, 6th Apr, 2017
    #65
    Iamnumber5, Blacky and cloudproof like this.
Page 4 of 4