Foreign or Non Resident Property Ownership.
Aug 18th 2016, 9:10 pm
#1
Lost in BE Cyberspace
Thread Starter
Joined: Dec 2010
Posts: 14,040
Foreign or Non Resident Property Ownership.
This could take hours of research. Anyone know how it really works considering this.
http://www.domain.com.au/news/are-you-a-foreign-property-investor-in-australia-what-you-now-need-to-know-20151201-glck5c/
Where it appears you can't buy an established property as a foreigner OR you can apply to, then pay a hefty fee, then have it rejected or fail to get the money one way or another.
http://www.domain.com.au/news/cate-blanchetts-sydney-mansion-back-on-the-market-as-chinese-buyer-defaults-on-sale-20160818-gqvs9p/
Something is not stacking up here. Its all a little confusing.
I wonder if the gentlemen in the Blanchet house actually followed the rules.
Also, if you become non resident of Australia, but have a house in Oz, do you have to sell it, like the OS student scenario in the first article?
http://www.domain.com.au/news/are-you-a-foreign-property-investor-in-australia-what-you-now-need-to-know-20151201-glck5c/
Where it appears you can't buy an established property as a foreigner OR you can apply to, then pay a hefty fee, then have it rejected or fail to get the money one way or another.
http://www.domain.com.au/news/cate-blanchetts-sydney-mansion-back-on-the-market-as-chinese-buyer-defaults-on-sale-20160818-gqvs9p/
Something is not stacking up here. Its all a little confusing.
I wonder if the gentlemen in the Blanchet house actually followed the rules.
Also, if you become non resident of Australia, but have a house in Oz, do you have to sell it, like the OS student scenario in the first article?
Aug 18th 2016, 11:25 pm
#2
has lost The Game
Joined: Apr 2005
Location: Chippendale, Sydney
Posts: 8,735
Re: Foreign or Non Resident Property Ownership.
This could take hours of research. Anyone know how it really works considering this.
http://www.domain.com.au/news/are-yo...151201-glck5c/
Where it appears you can't buy an established property as a foreigner OR you can apply to, then pay a hefty fee, then have it rejected or fail to get the money one way or another.
http://www.domain.com.au/news/cate-b...160818-gqvs9p/
Something is not stacking up here. Its all a little confusing.
I wonder if the gentlemen in the Blanchet house actually followed the rules.
Also, if you become non resident of Australia, but have a house in Oz, do you have to sell it, like the OS student scenario in the first article?
http://www.domain.com.au/news/are-yo...151201-glck5c/
Where it appears you can't buy an established property as a foreigner OR you can apply to, then pay a hefty fee, then have it rejected or fail to get the money one way or another.
http://www.domain.com.au/news/cate-b...160818-gqvs9p/
Something is not stacking up here. Its all a little confusing.
I wonder if the gentlemen in the Blanchet house actually followed the rules.
Also, if you become non resident of Australia, but have a house in Oz, do you have to sell it, like the OS student scenario in the first article?
There are some sticky rules in relation to Australian assets once you move overseas. A lot of the intangible ones like shares etc the ATO considers you to have disposed of when you declare that you have gone overseas and of course they immediately want their cut of it.
You have to make a choice about the way that the assets are considered to be disposed of, but this is now well beyond my understanding:
https://www.ato.gov.au/General/Capit...erseas/?page=3
I'm not sure how this works with respect to property though.
S
Aug 19th 2016, 12:06 am
#3
has lost The Game
Joined: Apr 2005
Location: Chippendale, Sydney
Posts: 8,735
Re: Foreign or Non Resident Property Ownership.
There are some sticky rules in relation to Australian assets once you move overseas. A lot of the intangible ones like shares etc the ATO considers you to have disposed of when you declare that you have gone overseas and of course they immediately want their cut of it.
You have to make a choice about the way that the assets are considered to be disposed of, but this is now well beyond my understanding:
https://www.ato.gov.au/General/Capit...erseas/?page=3
I'm not sure how this works with respect to property though.
S
You have to make a choice about the way that the assets are considered to be disposed of, but this is now well beyond my understanding:
https://www.ato.gov.au/General/Capit...erseas/?page=3
I'm not sure how this works with respect to property though.
S
Here's some more...
https://www.ato.gov.au/Individuals/I...ave-Australia/
S
Aug 19th 2016, 12:33 am
#4
Lost in BE Cyberspace
Thread Starter
Joined: Dec 2010
Posts: 14,040
Re: Foreign or Non Resident Property Ownership.
From what I gather, if you move OS flick the property with 6 years and you avoid CGT, but you have yo tell the ATO its your main residence?
Aug 19th 2016, 12:36 am
#5
has lost The Game
Joined: Apr 2005
Location: Chippendale, Sydney
Posts: 8,735
Re: Foreign or Non Resident Property Ownership.
Yes, that's what it looks like - though I get the feeling that it pre-disposes that you were originally a resident for tax purposes. I think that's where these overseas owners fall foul, as that is possibly something they never become, or become unwittingly.
S
