Non tax resident of Australia and Property

Discussion in 'Accounting & Tax' started by Mark Hkg, 17th Jan, 2020.

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  1. Mark Hkg

    Mark Hkg Member

    Joined:
    5th Jul, 2018
    Posts:
    13
    Location:
    Australia
    Hi there,

    Just wondering what the tax implications are towards a non tax resident of Australia who purchases property well overseas’s and then moves back.

    Is there a way to get the tax benefits such as depreciation and interest of a loan paid back well overseas?

    Is the property taxed at personal rate tax or marginal?
    Advantages of buying property through a trust?

    Thanks for any help.
     
  2. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    15,124
    Location:
    Sydney
    A person who becomes a tax resident of Australia will be deemed to have acquired foreign property at it's aud value on the date they reside here. Assuming they become a tax resident. It's wise to get tax advice on all the specific issues particular to their situation rather than generalisations and possibles
     
    Terry_w likes this.