|Non-resident couple´s rental income1|
|Monthly Rental Income2||1,500||6,000||12,000|
|Annual Rental Income||18,000||72,000||144,000|
|Less Expenses 3||25%||4,500||18,000||36,000|
|= Taxable Income||13,500||54,000||108,000|
|Up to AUD 87,000||32.50%||4,388||17,550||21,750|
|AUD87,000 - AUD 180,000||37%||-||-||15,198|
|Over AUD 180,000||45%||-||-||-|
|Annual Income Tax Due||4,388||17,550||36,948|
|Tax Due as % of Gross Income||24.38%||24.38%||25.66%|
1 The property is jointly owned by husband and wife.
2 Exchange rate used: 1.00 US$ = 1.30 AUD
3 Estimated values. Income-generating expenses are deductible when calculating taxable income.
4 Rental income earned by nonresident individuals is taxed at progressive rates.
Be the first to comment on this article!
Login or Register to submit a comment!
In order to promote open and spam-free conversations, Global Property Guide moderates commetns on all articles. You can expect that your comment will be published within 24 hours.
Fortnightly updates from the global property arena directly to your inbox.
Connect to professional advice in Australia