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SMATS makes Submission to House of Representatives

SMATS Group proudly made an important submission to the House of Representative Committee into Foreign Investors in Australian Property.

In recent times there has been much speculation that Foreign Buyers are pushing property prices higher in Australia and out bidding Australian residents.  The panic has been heard in Canberra and a new Committee was formed to review this important issue.

In truth, the fear of foreign investors is largely false as many people do not realise that a foreign investor can not buy an established property, and is only allowed to acquire newly constructed property or off-plan sales.

The strong immigration levels Australia experiences means many locals confuse new arrivals with foreigners and hence a community misconception about the impact of foreign investors exists.

The reality is that foreign investors keep prices down as they improve the supply of new housing to help satisfy the growing demand from Australia's rising population, which is the real reason behind lifting prices - demand driven growth.

SMATS Group proudly made a submission on behalf of our thousands of clients to the Committee to ensure their voice was heard with reason and clarity.

Click here to read our Submission

This follows on from the continuing efforts by SMATS  to have the recent removal of the 50% discount on Capital Gains Tax for foreign investors and expatriates repealed.

Since the announcement, foreign investment in Australian Real estate fell almost A$3bn year on year, which shows how dangerous this change is and may become in the future.   This was predicted by SMATS in our presentations to the then Labor Government who chose to ignore our warnings despite a well thought and logical assessment, including a petition signed by almost 3,000 foreign investors. 

Australia's budget woes means that the country can not afford to risk continuing and improved foreign investment into a valuable non-mining sector of the community that not only creates and stimulates activity but creates employment and valuable housing stock in the property market.

DISCLAIMER: All information provided 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. This information 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.

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