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Discussion in 'Accounting & Tax' started by Paul@PAS, 9th May, 2017.

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  1. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    I am posting a live feed..Focus is on property related outcomes.
     
    Paul@PAS, 9th May, 2017
    #1
    HUGH72, RetireRich101, Peter_Tersteeg and 2 others like this.
  2. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    CGT changes...

    Only AUresidents to access the main residence exemption. No inbound or out bound residents
     
    Paul@PAS, 9th May, 2017
    #2
    Terry_w likes this.
  3. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    $5000 per property tax for vacant foreign owner property per year.

    6mths per year test...Very vague and how would that work ???
     
    Last edited: 9th May, 2017
    Paul@PAS, 9th May, 2017
    #3
    Terry_w likes this.
  4. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    50% foreign owner cap for all OTP sales for developments. Applies immediately. 50+ unit sites only affceted.
     
    Last edited: 9th May, 2017
    Paul@PAS, 9th May, 2017
    #4
  5. Scott No Mates

    Scott No Mates Well-Known Member

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    Scott No Mates, 9th May, 2017
    #5
    Chris Au, Mustafa Salehi, wombat777 and 5 others like this.
  6. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    A lot of mention of state assistance... No apparent benefits noted. New agency...Very vague.....Loads of cash but lets see....
     
    Last edited: 9th May, 2017
    Paul@PAS, 9th May, 2017
    #6
  7. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Older aussies can sell their home and downsize a home they have woned 10+ yrs and contribute a extra $300K each to super. Good idea IMO... Cannot be used by those with the $1.6m cap. Its is an extra cap...Far out how complex is super getting ??

    Aged 65+ only (stuid IMO...Why not 60?) What is a retirement age ??
     
    Paul@PAS, 9th May, 2017
    #7
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  8. jaybean

    jaybean Well-Known Member

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    This won't be retrospective will it? I mean on already signed but not settled contracts. Otherwise this is huge.
     
    jaybean, 9th May, 2017
    #8
  9. James Bond

    James Bond Well-Known Member

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    Something about negative gearing and not being able to claim some depreciation - any more accurate details available?
     
    James Bond, 9th May, 2017
    #9
    MyPropertyPro likes this.
  10. Mooze

    Mooze Well-Known Member

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    APRA can now target geographical areas
     
    Mooze, 9th May, 2017
    #10
  11. Heinz57

    Heinz57 Well-Known Member

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    This is big
     
    Heinz57, 9th May, 2017
    #11
  12. jaybean

    jaybean Well-Known Member

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    I thought they always could. It's just that they preferred not to?
     
    jaybean, 9th May, 2017
    #12
  13. jaybean

    jaybean Well-Known Member

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    What does inbound or outbound mean?
     
    jaybean, 9th May, 2017
    #13
  14. Blacky

    Blacky Well-Known Member

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    This doesnt make sense?
    How can you have a main residence in Australia, but be non-resident?

    Blacky
     
    Blacky, 9th May, 2017
    #14
  15. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Good one... New INCREASED CGT discount of 60% for a NRAS type scheme..

    From 1 January 2018, the Government will provide an additional 10 per cent CGT discount to resident individuals investing in qualifying affordable housing. This means investors in qualifying affordable housing will be entitled to a 60 per cent discount on capital gains tax.

    To qualify for the additional discount, housing must be provided at below market rent and made available for eligible tenants on low to moderate incomes. Tenant eligibility will be based on household income thresholds and household composition.

    The affordable housing must also be managed through a registered community housing provider and the investment held as affordable housing for a minimum period of three years.

    The additional discount will be pro-rated for periods where the property is not used for affordable housing purposes.
     
    Paul@PAS, 9th May, 2017
    #15
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  16. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    No replies.
     
    Paul@PAS, 9th May, 2017
    #16
  17. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    New Managed Trust incentive to invest sharemarket cash in affordable housing....Hard to see how this would affcet the incentive for CGT IMO?
     
    Paul@PAS, 9th May, 2017
    #17
  18. Blacky

    Blacky Well-Known Member

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    @Paul@PFI - watching this thread with interest btw - keep the feed coming!
     
    Blacky, 9th May, 2017
    #18
  19. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Biggest announcement is biggest bit of waffle I have ever seen in a budget.

    More homes for Sydney West...Not a cent allocated. Just a nice toucy feely comment that say it it will be adjusted to suit demand.
     
    Paul@PAS, 9th May, 2017
    #19
    Scott No Mates likes this.
  20. Daves2074

    Daves2074 Active Member

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    Yeah this is great thanks Paul!
     
    Daves2074, 9th May, 2017
    #20
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