just curious if there are many Australians here who live overseas and own property in Australia.
I've been trying to find basic info and surprisingly it's been difficult.
day you live overseas but are overseas citizen. what is best strategy when it comes time to sell. or is it fairly straightforward where you just need to pay 32.5% tax on full capital gain (i beleive you don't get 50% is you treated as foreign resident)
thanks
ATO are good on the phone. They will give you general advice from their point of view. A good tax accountant/tax agent will give you tailored advice for your personal circumstances. You will probably pay roughly around $100-$150 for the consultation. It may save you a lot more, depending on your situation.
thanks. there great suggestion. surprisingly struggling to find an accountant in this area. i will start with ato
You've struggled to find an accountant who can give property tax advice? Wut?
You do what feels right :)
Like asking OZB for niche financial advice.
I’ve heard a rumour of this thing called an accountant. They allegedly they have qualifications on matters such as this.
I’m not sure if it’s true though, a friend’s dad’s co-worker told them so it could all be a load of crap
I've heard the same! Perhaps the legends are true.
Except I heard of "the accountant" in my state some distance from yours, so there may be more than just one. There could be many. Perhaps there is even a secret regulated society of these practitioners of the dark financial arts practicing their taxation trickery country wide?
Donate the house to your local cat shelter.
Not a tax or a property lawyer but thinking outloud it will depend on:
1) are you overseas permanently or come and go? (if you pay tax here you could be considered an Australia resident)
2) Just to be 100% clear, are you an Australia citizen or not?
3) do you own the property as a natural person or via a company or a trust?
Call 13 28 61.