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With an established network of offices around the globe, Australasian Taxation Services (ATS), continues to dominate as the leading Australian expatriate and property tax firm, having serviced thousands of international and Australian based clients.
In the May 2017 Budget, the Government announced changes to Capital Gains Tax for the Principal Residence of Foreign Investors. The announcement was vague and incomplete, however when the draft legislation was released for comment it was diabolical.
Thankfully nothing has yet passed and ATS has once again led the way with a formal submission and petition against the changes.
If successful, the changes would take away any rightful Capital Gains Tax Free status for a family home if sold when living overseas. For example, if you had lived in your home for 10 years in Australia then moved overseas and sold it 6 months later, then all the profits would be taxable whereas now it would be completely tax free. Just because you happen to be overseas at the time of sale!
Furthermore, the draft legislation also taxes inheritance on a family home if the beneficiary is overseas at the time.
Both of these matters are a great injustice and we are fighting them vigorously.
If you haven’t already, please review the changes and become a member of APPOLA (Association of Australian Property Owners Living Abroad) by visiting www.aapola.org. APPOLA is a not-for-profit organization aimed at creating a united voice for overseas based Australian landlords. To become a
All APPOLA proceeds will be used to provide a central lobbing activity, information, news, updates and essential representation to Governments to ensure the needs and problems of foreign investors are properly heard and considered. Visit the website to become a member.
Gain a full understanding of your Australian tax obligations and opportunities and book a no cost, no obligation consultation by phoning +65 62933858, emailing [email protected] or visiting Smats.net/tax