What is Melbourne’s rental policy? What should you pay attention to when buying a house in Melbourne?

What is Melbourne’s rental policy?

Rent and security deposit: Renting a house in Melbourne is a bit different from that in China. First of all, rent is generally calculated on a weekly basis. The calculation method of monthly rent is [(weekly rent/7)*365/12]. Apartment buildings rented out by reliable real estate agencies generally come with no furniture, and almost never come fully furnished. The security deposit is usually one month's rent. A safe way to do this is to deposit the security deposit into RTBA, a government third-party regulatory agency. The security deposit can be returned to the tenant only after the lease is completed. House type:

First of all, Houses are generally very large units with at least three bedrooms, and some can have 5 to 6 bedrooms. They have enough space and are usually used for group chat. The landlord manages it himself or the second landlord manages the group chat and the students. The characteristics are that it is cost-effective, the space is large, and many friends will not be lonely; the disadvantage is that it can be noisy, the hygiene of the shared area is often not very good, and the houses are very old. Around $150-250 per week

How to rent a house? Regarding the problems of renting a house in Ruhe in Melbourne, you can consider it from four aspects: store location, transportation, roommates, and renting methods. Regarding location selection for opening a store: Before renting a house, be sure to look at the map and make a selection based on where you work or go to school. Of course, the location is your first choice for renting a house. If there is no matching property, you can choose an area with convenient transportation.

No matter who you rent a house with, it is best to have a written agreement, and keep the other party’s ID photo and some private information. It is best to keep transaction records for rent, even if you pay the rent in cash. You also need to ask for a receipt, and it is always right to protect your own interests. Things you need to pay attention to when buying a house for your children in Australia

1. Buying a house for children under 18 years old

It is common, especially when the children are sent to overseas families at a young age, or when their parents are divorced This situation often arises when families want to divide their property. Strictly speaking, children over the age of 18 cannot become legitimate owners of property rights at all, and must be entrusted with an adult as a trustee (trustee). The judicial procedures in this area are complicated, and a baretrust must be created, with the child being the only beneficiary. You can find professionals for specific guidance on actual operations.

The purpose achieved is that minors are indirectly responsible for property management, not directly. When the children reach the age of 18, they can transfer the property management to their own account without incurring capital gains tax due to the name change. Note that the personal income tax for children under 18 is 45%, unless you are an orphan, working full-time, blind, or disabled. Therefore, don’t always think that you can save taxes by borrowing money from a minor.

2. Guide your children to get a loan (buy a house with your children)

Generally speaking, if you take a professional approach, financial institutions will not accept using your parents’ property management and salary as collateral. Go and issue loans to children, unless the names of the parents are still on the land deed. However, the parents’ names on the house deed will cause a series of tax consequences. If the children have the ability to repay the loan, removing the parents’ names from the house deed will also trigger capital gains tax.

Example: The mother wanted to buy a house for her child, but the child did not declare the income, so the mother wrote her name and the baby's name into the contract, and bought a property worth 1 million together. , each party owns 50% of the house, and the house where the child lives alone was sold for 2 million five years later.

Because the mother cannot live in this house, 50% of the mother’s share (i.e. 500,000 of the appreciation of 1 million) needs to pay value-added tax, because if she owns the property and manages it for more than 12 months, she can enjoy 50% Discount, but you still need to pay about 160,000 tax. As the saying goes, there are policies as well as measures. There is a situation in the IncomeTaxAssessmentAct called CGTeventB1, which means that if both parties have a formal transfer contract and specify the transfer date, the transfer can be carried out without corporate value-added tax.

One example is that the parents established an agreement to sell the property to their children on that date. The children lived alone in the property during this period, which resulted in capital gains CGT when the property was transferred later. Since the transfer date is defined as At the time when the agreement is signed (that is, when the transaction is first started).

It should be noted that such a matter must be fully documented and filed, and the transfer date must be fixed. In the vast majority of cases, the contract stamp duty incurred on the transfer still requires delivery. Generally speaking, it is important to pay special attention. If you are buying a house for your children, especially minors, you should consider the long term as much as possible. In fact, what will happen if the property is sold and managed in the next 5 years or even longer? , prepare the overall plan in advance.