Aug 30 2016, 12:13 AM
QUOTE(Chat-huant @ Aug 27 2016, 11:35 PM)
Hi. Anyone has any idea about the cost of engaging service of tax agent in Australia to do registeration of new tax file in Australia n cost of doing annual tax return? I bought a small unit in Queens Place project. I kind of regret it but too late now. Consider it as parking money in overseas. Any sifus have experience dealing with tax agents? I work n live in Malaysia but my Australia lawyer that handle sales contract advised me to open tax file as soon as possible.
Hi Chat-huantI don't think you need to worry about the tax file number due to two reasons. Firstly, if you are not a citizen, a P.R or on a working/student visa earning Aussie, then you wouldn't be able to get a tax file number. (That's what I've read up)
Secondly, you have mentioned that it's a small place and I doubt the collectible rental will be over the taxable income threshold, if not mistaken Aus 3000/month.
However the rental money in bank earning interest. They will tax you a fix rate on the interest earned. E.g Aus1000/month (collected rental) x 12 months = Aus 12000, then Aus12000 x 1% (yes the bank interest is crap) = Aus 120/year. For foreigner the government will tax 15% off the interest earned, which is Aus 120 x 15%= Aus 18/year. And the bank will declare and submit this on your behalf.
So no worries mate. You'll be fine.
Regards
Wei
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