TJD Accounting Services

04/12/2024

Thank you for publishing our debut column piece on the situation in Victoria.

by DOMINIC MURPHY IN THE world of international property investment, Australia has long been a beacon for Malaysian investors. However, recent changes in Australian property tax laws have cast a shadow over this once-sunny landscape, particularly for those with properties in Victoria and New South W...

09/09/2024

With so much gratitude, thank you to 𝗧𝗵𝗲 𝗦𝘁𝗮𝗿 𝗠𝗮𝗹𝗮𝘆𝘀𝗶𝗮 and Karina Mei for highlighting our message about the critical Australian tax changes for Malaysian property investors.

The Star is Malaysia's number 1 and largest English newspaper in the country. The piece serves as an urgent wake-up call, revealing that 𝟵𝟰% of foreign property owners are unaware of impending tax increases and potential land tax surcharges that could lead to significant financial penalties.

Having dealt with foreign taxation issues for over 40 years, I've seen firsthand the stress and confusion these changes can cause. It's deeply concerning to witness overseas property owners grappling with complex (and everchanging) Australian tax regulations.
For Malaysians who are obliged to pay taxes here, the currency exchange is not going to be favourable.

I strongly urge all foreign investors to reassess their tax status immediately. The landscape is changing rapidly, with withholding tax rates set to increase and new regulations coming into effect.

Stay informed and proactive to protect your investments. Feel free to download this article for a better read.
If you have questions, don't hesitate to reach out for guidance.

Thanks once again!

09/09/2024

Thank you Raymond, one of our many valued overseas clients we've had the privilege of assisting for over two decades!

15/08/2024

Investing in Australian property as a foreigner can give you great returns, but have you factored in the taxes you’ll have to pay? 💸

As a foreign investor, you must pay Capital Gains Tax (CGT) as part of your yearly tax declaration on your property income.

𝗔𝗹𝘀𝗼, 𝘀𝘁𝗮𝗿𝘁𝗶𝗻𝗴 January 𝟭𝘀𝘁, 𝟮𝟬𝟮𝟱 - 𝟭𝟱% 𝗼𝗳 𝘆𝗼𝘂𝗿 𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝘀𝗮𝗹𝗲 (regardless the amount), 𝘄𝗶𝗹𝗹 𝗯𝗲 𝘄𝗶𝘁𝗵𝗵𝗲𝗹𝗱 𝗳𝗿𝗼𝗺 𝘆𝗼𝘂 𝗯𝘆 𝘁𝗵𝗲 𝗔𝘂𝘀𝘁𝗿𝗮𝗹𝗶𝗮𝗻 𝗧𝗮𝘅 𝗢𝗳𝗳𝗶𝗰𝗲 (𝗔𝗧𝗢).

Not many overseas know about these issues. Unfortunately, they’re shocked when they receive a tax bill and that’s when our phones start ringing.

How much more will you put your investments at risk of an unnecessary high tax debt?

Also, taxable income for non-residents are much higher than Australians:

As of July 1, 2024 the income tax rate for foreigners are:

$0 to $135,000: 30 cents for each $1.
$135,001 to $190,000: $40,500 plus 37 cents for each $1 over $135,000.
Over $190,000: $60,850 plus 45 cents for each $1 over $190,000

This is significantly higher than taxes for residents!

The Australian taxation system is complex and can be unforgiving, but if you do proper record keeping from 𝗗𝗮𝘆 𝟭 of buying your property here, you can reduce your taxes and protect your assets.

Reach out to us if you have questions or need help making sense of your tax obligations.

Send us an email: [email protected] or call +61 9379 4040