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.
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