With the recent budget hikes for our rental income and capital gains returns its getting ridiculous to continue owning Aussie property eg we now pay 41c minimum tax (instead of say 20c in USA equities) and last years tax changes on PPOR may be the final straw for many of us working here temporarily in New York.
Its a free seminar from the guys at SMATS so hopefully we can get some insights as to is it going to get worse before it gets better....and should we be investing our savings where they are appreciated.....
Register here - http://www.aussieproperty.com/Events/Property-Update-Seminar/New-York-11Th-Annual-Market-Update-Seminar-2017/32a440e8-36a8-1423-1542-c7c089329145/720370b1-7599-4856-a918-98e697e52f9e
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 c...oncession 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 market?
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.
Join us for this seminar 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.