Tax Issues for non-residents when acquiring, holding and selling Australian property

Tax Issues for non-residents when acquiring, holding and selling Australian property

Through endless cycles of boom and bust, the complexities of property taxes remain constant.

The Tax Institute’s Property Day Series kicks off in Queensland on 27 August where Chris Dunne, CTA and Steven Paterson, Grant Thornton will be presenting on ‘Tax Issues for Non Residents when Acquiring, Holding and Selling Australian Property’.

In recent years a raft of new taxes and charges have been imposed by all levels of Government on non-residents that invest in Australian property either directly or indirectly.

Chris and Steven’s session will provide an overview of the key income tax, indirect tax and FIRB requirements for non-residents looking to acquire, hold and sell Australian property assets. We spoke to Steven for this post.

“Our session will take delegates through the investment life cycle and demonstrate the key tax issues which should be considered when advising clients in real time.”

Their session will look at the tax issues for non-residents when purchasing Australian property assets including transfer duty and additional foreigner acquirer duty, when a FIRB application is required, and duty and land tax absentee surcharges.   

They will cover what happens if a non-resident sells an asset, such as a residential or commercial property, issues with non-resident capital gains withholding tax, and the effect on CGT assets when a resident becomes a non-resident and vice versa.

We also asked them why delegates should attend the 5th Property & Construction Intensive, which continues to be the ‘must attend’ event for tax practitioners with clients and targets in the property and construction industries.

“The topics and papers cover a wide range of issues which are pertinent and timely for the industry. It’s a wide-ranging program, but we’re particularly looking forward to the State tax update session.”

About Chris and Steven

Steven Paterson is a Partner with Grant Thornton in Sydney, leading the national State Taxes practice. Steven’s team is spread Nationwide and advises on all eight Australian jurisdictions.

Throughout his career, Steven has been involved with numerous major transactions in Australia and gained a working knowledge of some of the most unique and complex business and transaction structuring. He is able to use this knowledge in the ever-changing tax and stamp duty landscape.

Since the early days of his career, Steven has attended and presented at numerous Institute events and has published a range of bulletins and other publications on the changes to indirect tax legislation as well as interpretation and practice. Steven enjoys netball and theatre in his spare time.

Chris Dunne, CTA is a Director at Grant Thornton’s Brisbane office.

He has extensive experience providing specialist taxation services to businesses ranging from small start-ups to large groups and works closely with foreign and domestic property developers to manage their tax risks. Chris works closely with his clients to manage their Australian and foreign tax risk to ensure there are no surprises along the way.

Part of the 2019 Property Day Series, the QLD Property & Construction Intensive takes place on 27-28 August at the Tattersall’s Club, Brisbane. 

Read more about Steven and Chris’s session, and the rest of the program on our website.

Find out more about the Property Day Series, also coming to Brisbane, Sydney, Melbourne and Perth, 27 August - 18 September 2019.


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