For God’s sake, Wayne Maxwell Swan, will you just rack off!
Just take a look at what he has buried deep in the 2012 Australian federal budget:
“The Government will remove the 50% capital gains tax (CGT) discount for non-residents on capital gains accrued after 7.30 pm (AEST) on 8 May 2012. The CGT discount will remain available for capital gains accrued prior to this time where non-residents choose to obtain a market valuation of assets as at 8 May 2012.”
This statement will have great impact on the amount of property bought (and held) by Australian expatriates and other tax non-residents.
The 50% CGTdiscount has previously been available where individuals have held assets for longer than 12 months. The government now intends to withdraw this discount for non-residents, and honour the discount in relation to any existing accrued capital gains ONLY if the non-resident obtains a market valuation for the asset as at May 8, 2012.
We join those few yet to pick up on this change to inform any expatriates and offshore investors with investment properties here in Australia that they need to obtain a market valuation as soon as possible. Failure to do so could be extremely expensive.
And thanks for the heads up Wayne – we got heaps of notice on this one. The practicality is that many expatriates and offshore investors may (will more likely) not hear about this change until too late.
You guys look like you will sacrifice almost anything to achieve a token $1.5 billion surplus in 2012/13.
The latest research from Colliers found that foreign capital investment made up 60% of all investments in Australia’s commercial property markets in the first quarter of this year. There was about $2.2 billion worth of foreign investment in Australian non-residential property in the first quarter, well up from $341 million in the same quarter last year.
When it comes to residential property across Queensland, overseas buyers purchased about $400 million last financial year. Most buyers came from China (20%); then followed by South Africa (12%); United Kingdom (10%) and New Zealand (9%). Close to half (47%) the property bought by foreign buyers in Queensland is on the Gold Coast, followed by Brisbane with a 22% market share.
Hmmm,Wayne……just what the Gold Coast needs hey, another good kick in the teeth.
Keep up the good work.
Michael Matusik is the director of independent property advisory Matusik Property Insights. Matusik has helped over 550 new residential developments come to fruition and writes the weekly Matusik Missive. The Matusik Missive is free, however, reprinting, republication or distribution of any portion of this material, or inclusion on any website, is strictly prohibited without the written permission of Matusik Property Insights and may incur a charge.
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