Non-Residents Purchasing in Australia
For Non-resident New Zealand Purchasers of property in Australia there are a number of procedures that are quite different to buying in New Zealand.
Lifestyle Property Specialists has considerable experience in these matters and can assist you to avoid or understand them so they don't cause you any unexpected complications.
Stamp Duty
Stamp Duty can be payable on both the property and the mortgage. Sometimes this can be significantly reduced if buying just land or off-the-plan.
Non-Resident Withholding Tax
NRWT is generally applied when you borrow money from overseas and requires you to deduct 10% of the interest paid each month and pay it to the IRD on behalf of the Overseas Lender. There are exemptions available to avoid this for most Purchasers.
Capital Gains Tax
CGT can apply if you sell your property, however there are legal options to significantly reduce this.
Taxation Requirements
You are generally required to meet taxation obligations in both countries. This can actually work to your advantage if you understand the rules.
Lifestyle Property Specialists are able to assist with advice on all of the above, free of charge.
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