KUALA LUMPUR: Malaysian property owners in Australia, particularly in Victoria, New South Wales and Queensland, will face significant challenges due t...
Residential houses in Sydney, New South Wales. The latest Australian tax regulations are putting enormous financial pressure on foreign property investors. – AFP filepicMalaysian property owners in Australia, particularly in Victoria, New South Wales and Queensland, will face significant challenges due to newly introduced surcharges on foreign-owned real estate that will take effect from Jan 1, 2025.
In New South Wales, foreign investors currently pay A$30,000 annually for a property with a land value of A$750,000. However, starting Jan 1, 2025, the land tax surcharge in NSW will increase to 5% from 4%, raising the annual payment to A$37,500 .TJD Accounting Services international taxation specialist Dominic Murphy said these tax figures are alarming when converted to ringgit, almost tripling the financial burden on Malaysian investors.
“You must be diligent and check your ownership status before being notified of non-compliance. Unfortunately, we do not advise on SRO matters. Also, there is often little negotiation room with these organisations, but they may provide payment plans to alleviate financial burdens to some extent. “Selling property in the current market can be daunting, but with proper planning, we can often minimise the capital gains tax impact to reduce these withholding tax amounts. Given the current tax landscape, we advise many clients to consider alternative investment structures,“ Murphy said.
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