Overseas buyer

From: Lotana Von Amor


Would anyone know regulations for buying an IP in Oz in the name of an overseas resident? Is it much different from the ordinary buying? I have a relative who lives overseas and wants to buy an IP in Oz. He asked me to help him. How would his rental income and CGT on sale be treated for taxation? Also, are there any limitations on what he can buy? Is power of attorney sufficient for me to act on his behalf?

Regards,

Lotana
 
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Reply: 1
From: Always Learning


From my limited knowledge, non-resident, non-australian citizens are restricted in the types of property they can purchase, notably second-hand residential dwellings.

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Exceptions include new dwellings, purchasing a second hand house as a "knockdown" for rebuilding, OTP apartments, and resort areas. Exemptions on visa status include retirement visas, student visas.

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From the number of used residential sydney harbor front properties sold to ultra-rich or ultra-famous foreigners, I assume there are ways around such "restrictions".

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For more information see:

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<li>

<a href ="http://www.pkproperty.com.au/overseas.asp">PK Property Overseas Buyer Info</a>

<li>

Government Website about foreign direct investment FIRB

</ul>

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Application and information is attached.
 
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Reply: 2
From: Dale Gatherum-Goss


Hello again

A non-resident of Oz is still required to lodge an income tax return here in Oz declaring the Oz income and expenses as well as any CG when, and if, they sell.

Dale
 
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Reply: 2.1
From: Lotana Von Amor


Dale,

Thank you very much for a comprehensive answer.

Regards,

Lotana
 
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