In 2012 the Capital Gains Tax Rules were changed in Australia to remove the 50% tax discount for owners living out of Australia. This signalled a change of intent from appreciating foreign investment to seeing an opportunity to increase Government revenue.
Since then, there has been an escalation in the costs of Australian property ownership with dramatic increases in land tax and the introduction of buyers fees, additional stamp duty and the new vacancy tax. All of this at a time when lending for offshore investors continues to be problematic.
The latest proposal is now to remove the tax free concession for expatriate's principal residence if their former home is sold when living out of Australia. Where do these changes end and what can we do to try an halt the aggressive attack on foreign investors in Australian property markets?
With media fuelling the fire and foreigners an easy blame target for lifting prices, there is little sympathy in Australia to the plight of overseas owners, so any change will need to come from our own efforts.
Watch the seminar above to find out:
- All the recent changes in ownership and acquisition costs for foreign investors and expatriates;
- Strategies to protect yourself against rising costs;
- If it is time to consider selling your property;
- The current position of Australian property markets and the outlook for 2018;
- How international markets may track in the coming year;
- If the recent uplift in the Australian dollar is sustainable; and
- Current lending options and costings.
All information provided in these seminars is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. The information in these seminars does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.