Foreign Land Tax – Queensland
Land Tax – Queensland – Foreign Entities When addressing land tax in Queensland, where there is a foreign party that owns the assets, certain rules need to be adhered to. In Queensland a person is classified as a foreign person if they are not an Australian citizen or permanent resident. Foreign people and entities in […]
Foreign Land Tax – Victoria
Surcharge for absentee owners of land All property in Victoria is subject to land tax, unless an exemption applies or the property is below the threshold (which is currently $250,000). An assessment is made on the value of all your taxable property at midnight on 31 December each year to determine the amount of land […]
Foreign Land Tax – Northern Territory
At present the Northern Territory does not subject landowners to any form of land tax. This exemption extends to foreign individuals and corporate entities. Although, residents of the Northern Territory are obligated to pay Stamp Duty on the acquisition of a home, land or a business property. There appears to be a growing interest from […]
Foreign Land Tax – Tasmania
Foreign Persons A foreign person in Tasmania includes a foreign corporation, foreign natural person and a foreign trustee. Although there is a Foreign Investor Duty Surcharge for Stamp Duty in Tasmania, foreign entities aren’t subject to any additional foreign land tax surcharges at this time. Land tax in Tasmania is an annual tax payable by […]
Foreign Land Tax – ACT
As at 1 July 2018, a foreign ownership surcharge is imposed under the Land Tax Act 2004 on residential property owned by a foreign person including a foreign individual, corporation or trustee of a foreign trust. In the Australian Capital Territory if you’re not an Australian citizen or resident of Australia, you are considered […]
Foreign Land Tax – South Australia
South Australia has not implemented a foreign resident land tax surcharge at this time. However a purchaser of an off the plan residential property is not exempted from land tax if they are a foreign resident. Generally the land tax structure in South Australia is as follows: Rates Total Taxable Site Value Amount of Tax […]
Foreign Land Tax – NSW
We are looking at the imposition of foreign land taxes across the Australian jurisdictions. Foreign ownership in New South Wales occurs when a foreign entity purchases residential land. When dealing with land tax in New South Wales if there is a foreign party that owns the assets, specific rules need to be followed. In New […]
Case study: Cost of acquiring a client
The business was an online jewellery retailer, with a strong business brand and a high margin business but it was struggling to make money. As we pulled through the financial statements, it became clear that the cost of acquisition for a customer (marketing, promotion, referral commissions, brand ambassador and marketing production) was substantially greater than […]
A moral obligation to pay
A recent discussion with a broker he articulated that our client had a moral obligation to repay a debt. We questioned this in the context of who our client owed a duty to, and what was the morality that is expected with a loan. Our client had borrowed money at over 12%, and we were […]
What is a garnishee notice?
Garnishee notices can be issued by a variety of creditors however they are quite regularly used by the ATO as a method of collecting outstanding tax debts. The ATO issues the notices pursuant to Section 206-5 of the Taxation Administration Act 1953 and the notice allows the ATO to collect its outstanding tax debts by […]
