Stamp duty surcharge risk for trusts

Recent changes to duty legislation in New South Wales, Victoria and Queensland has meant that ‚Äúforeign persons‚ÄĚ who purchase certain types of residential land in each of these states, will attract a foreign duty surcharge as determined in each of those states relevant Acts. Legislation in New South Wales and Victoria also imposes a land…

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Negative gearing at 4 year low

The cost to the federal budget of ¬†negatively geared¬†rental property¬†deductions has fallen 12.5 per cent to $10.9 billion, the¬†lowest level in four years because of¬†record low interest rates. A the start of a federal¬†election campaign in which¬†negative gearing will be a key issue, the latest¬†Tax¬†Office statistics show¬†the country’s two million landlords¬†claimed interest deductions of $21…

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ATO clearance certificate to sell your home

From 1 July 2016 there is a 10% non-final withholding tax on payments made to foreign residents that dispose of certain taxable Australian property. 10% non-final withholding tax on payments made to foreign residents that dispose of certain taxable Australian property. Assets affected This withholding is limited to taxable Australian property, being: Real property in…

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