The State of Victoria State Revenue Office (SRO) coffers must be bulging from land tax imposed on absentee owners.
This tax could mean expenses excluding interest exceed any rental income
As a simple illustration for land with a site value of $3m normal land tax would be $24,975 p.a. but if the owner is non-resident, tax is $84,975 p.a.
An absentee individual is any individual who:-
An absentee corporation is a corporation:
An absentee trust can have at least one beneficiary who is an absentee person.
This tax could mean expenses excluding interest exceed any rental income – great care is needed if potentially relevant. And the obligation is on the owner to advise SRO of their absentee status.