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Hi   can you answer this question please.

 

If we are on an 804 or 864 bridging visa buying a house here I know we have to have FIRB permission but in NSW would we have to pay annual land tax and sur charges if it is our only home and we reside in it all the time.

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Posted (edited)

If you are in NSW, here is the relevant extract:

NSW surcharge purchaser duty

How much is the extra tax?

A 8% stamp duty surcharge and a 2% land tax surcharge applies to property purchased in New South Wales.

When does it apply?

  • You’re a foreign citizen living overseas OR temporary resident (...exemption for permanent residents, 309 visa, 820 visa, 444 visa, 405 visa and 410 visa holders).

Even though you are residing in your property all the time and intend it to be your permanent home, by law you are only a temporary resident while on the bridging visa. 

Edited by Marisawright

Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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Just now, Barnyrubble said:

Wow. Where was that from?  

From the website link I provided in your other post

https://www.homeloanexperts.com.au/non-resident-mortgages/foreign-citizen-stamp-duty/#nsw_foreign_citizen_stamp_duty

  • Like 1

Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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2 hours ago, Barnyrubble said:

We are on the edge of the gold coast

QLD additional foreign acquirer duty (AFAD)

How much is the extra tax?

A 7% stamp duty surcharge and a 2% land tax surcharge (absentee) applies to properties in Queensland.

The absentee tax applies to foreign individuals who do not ordinarily reside in Australia.

In addition to this, the surcharge only applies to freehold land that has a total taxable value of $350,000 or more.

Example

Previously, your stamp duty would have been $21,850 on an $800,000 property.

You’re now paying $77,850 which is a $56,000 increase.

When does it apply?

  • You’re a foreign citizen or temporary resident (including a 457 visa holder). Exception if you’re a 444 visa holder.

 


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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Thank you. We are hoping for NSW but interesting to read. However I think there may be an annual threshold and at the moment any land over and above 700k ish is liable- I believe.  We are trying to find an accountant and/or a solicitor to advise urgently plus we have asked the visa agent. We had a one hour paid consultation with him last week. We may have to pay again.  

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Posted (edited)
11 minutes ago, Barnyrubble said:

Thank you. We are hoping for NSW but interesting to read. However I think there may be an annual threshold and at the moment any land over and above 700k ish is liable- I believe.  We are trying to find an accountant and/or a solicitor to advise urgently plus we have asked the visa agent. We had a one hour paid consultation with him last week. We may have to pay again.  

The figure is $350,000 for Queensland.  I can't see any mention of limits for NSW.   Note that is just the land component of the property, not the purchase price of the property. 

@Alan Collett has been recommended to you, although now a migration agent, he has a finance background, so may be a good person to offer advice on both. 

If your migration agent is charging you by the hour, and especially if he charged you for an initial consultation, I suggest sacking him and getting a second opinion from Alan.

Edited by Marisawright

Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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