Hi all I am a British citizen living and working full time in Australia for the last 20 months or so. I have a 457 visa. I have a defacto partner (but not registered) who is an Australian citizen. We are thinking of buying property (not off the plan) in NSW. I know that I do not have to apply to the FIRB for foreign investment approval given my spousal relationship. However just looking to get some guidance on whether I'd have to pay surcharge purchase duty and /or surcharge land tax. Thanks
Yes - if you are a 'foreign person' you would. Are you a permanent residence ordinarily resident here?
Not a PR. According to the definition of ordinarily resident, I have been in Australia for 200+ days in the last 12 months. However my time here was on a visa that expires in two year and therefore does not meet the criterion of 'not subject to any limitation as to time for their continued presence in Australia'. Would this be an accurate assessment?
The FIRB rules do allow you to purchase a 50/50 tenants in common or joint tenancy to reside in BUT it has some catches and a forced sale can occur if you get it wrong or that position changes. Review the Foreign Investment Review Board rules and seek legal advice. Also consider the NSW / Vic land tax consequences for land tax surcharge which can apply to non-citizen ownership even if its occupied as a home. I believe surcharge duty and land tax may apply BUT legal advice would confirm that or may indicate how to limit it. eg Being a co-borrower but not on title.