I'm a non resident and I have an apartment in Melbourne. I plan to rent it out but not sure, since I heard that non-resident rental income is taxed at a very high rate.
I quickly checked the ATO website the other day, non-residents income are taxed at $0.29 for every dollar received. That is almost twice more expensive than the resident's rate.
Is this true? or it is just me who's looking at the wrong number? What if I ask my property manager to transfer the rent money to overseas bank account, would I be able to escape the tax? If I decide to pay the tax, and use tax agent's service to do the tax return, would I be able to get most of the money back?
If anyone had gone through similar experience and found a way out of this problem, please let me know. And any suggestion and comments would be deeply appreciated.
thanks,
Yudi
I quickly checked the ATO website the other day, non-residents income are taxed at $0.29 for every dollar received. That is almost twice more expensive than the resident's rate.
Is this true? or it is just me who's looking at the wrong number? What if I ask my property manager to transfer the rent money to overseas bank account, would I be able to escape the tax? If I decide to pay the tax, and use tax agent's service to do the tax return, would I be able to get most of the money back?
If anyone had gone through similar experience and found a way out of this problem, please let me know. And any suggestion and comments would be deeply appreciated.
thanks,
Yudi