The State of Victoria State Revenue Office (SRO) coffers must be bulging from land tax imposed on absentee owners.
As a simple illustration for land with a site value of $3m normal land tax would be $24,975 p.a. but if the owner is non-resident, tax is $84,975 p.a.
An absentee individual is any individual who:-
An absentee corporation is a corporation:
An absentee trust can have at least one beneficiary who is an absentee person.
This tax could mean expenses excluding interest exceed any rental income – great care is needed if potentially relevant. And the obligation is on the owner to advise SRO of their absentee status.
AcctWeb
Information on this website is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this information, no liability is accepted by Count, its related entities, agents and employees for any loss arising from reliance on information within.