Under new rules that were introduced late in 2017, certain foreign owners of residential dwellings need to pay an annual vacancy fee if their dwelling is not genuinely rented out or occupied by the owner or family members for more than six months each year.
All foreign investors with a residential property who meet the criteria must report to the ATO annually about the use of their dwelling in the previous 12 months, even if they believe that they are not liable for the vacancy fee in that year.
The rules are more complex than many people realise, especially when it comes to rental arrangements. For example, short term letting arrangements generally won’t assist in reducing exposure to the fee, even if the property is actually let for more than half of the year.
…To find out more about the general rules and fees that you may be subject to, come and talk to us Tax Ideas Accountants & Advisers…https://taxideas.com.au/booking/
Tel: (02) 8318 1545