Hi guys!
Long time no talk and thats because I DID IT!!!
First property in HK in feb AND, I also started my own BUSINESS!!!
i fit in now =pI was visiting my mother because she works there and I saw an old looking apartment with GREAT returns in an even greater location. With a little help from my aunt, we decided to purchase it, or rather invest our money so my mother could purchase it for us!!
Things are going great so far. We decided to split the 1 room apartment into two seperate smaller one room apartments (one for me and the other my aunt).
Now as i mentioned the property is under my MOTHERS name and I was wondering what are some of the PROS and CONS for putting it under my name. Will this effect my income/tax in anyways??
I would eventually like to purchase another property over there if everything is okay but honestly, I dont know much about the legal between HK and AUS.
Thanks for your help[biggrin][biggrin]
-aumeow
Hi Meow, congrats on your purchase there. We have been here in Hkg for 20 yrs and have a couple of properties here in Hkg and also in Aus. They do not affect your tax status in Aus regardless of when you sell it or decide to keep it and get more in Hkg. No such thing as capital gains tax in Hkg and also no taxes paid on bank account deposits as well. (ie rental deposits) So go ahead and keep buying up when you can.
Cheers
The Macs
[specool]The ATO requires you to declare income from all sources. That means HK as well.
thanks trueblue!
I found that out today aswell!!
dam it… maybe i won’t put it under my name until later on anyways..
thats not a crime rite?-aumeow
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