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Dual-Key Build Gold Coast

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Kiwi Boomer | 16 Feb 2020, 01:01 PM Agree 0
Hi, I am interested in contracting a developer to build a dual-key property for me on the Gold Coast. My plan would be be rent out the 4 bdrm side and keep the 2 bdrm side available for personal use. As a retiring NZ citizen I understand most of my costs and responsibilities, however, there are a couple of grey areas that I hope someone out there can help with please. I understand that I will need to obtain an Australian tax number and file an annual tax return for the net rental income derived from the rented property. I also understand the income tax rate for non-residents is 32.5% and also that there will be an annual land tax to pay. Please see my specific questions here. If anyone can provide any assistance here I would be most grateful.

- Assuming I own the property for 10+ years, will capital gains tax apply and if so is there a straight forward calculator to calculate what the CGT would be? Also, does this tax abate the longer the property is owned?
- Does the land tax apply to the total land value or to just a portion above a certain amount? Also, what is the percentage charged in Queensland please?
- Depreciation is a tax deductible expense available to me. As I will be renting just one side of the dual-key, can you confirm that a portion only of the total build cost can be depreciated or if depreciation can be claimed on the total build cost?
- Are there any Foreign Investment Review Board considerations or issues for my circumstance?

Many thanks all.
Regards
Kiwi Boomer
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