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Australia Legislates For Housing Tax Breaks

by Mary Swire, Tax-News.com, Hong Kong

08 September 2017


The Australian Government has introduced legislation to implement a package of housing tax reforms, including a first-time buyer incentive and a downsizing scheme for older owners.

The legislation provides for the introduction of the following:

  • A First Home Super Saver Scheme, which will enable prospective first-time buyers to save for a deposit inside their superannuation account. Individuals will be able to contribute up to AUD30,000 (USD24,294) (up to AUD15,000 a year within existing caps) into their superannuation, and will be able to withdraw the contributions from July 1, 2018. Withdrawals will be taxed at a marginal tax rate, less a 30 percent offset.
  • From July 1, 2018, people aged over 65 will be able to make an additional non-concessional contribution of up to AUD300,000 into superannuation when they sell a home they have held for at least 10 years. Both members of a couple will be able to avail of the measure.
  • An annual levy will be charged to foreign owners of residential property where the property is not occupied or available on the rental market for at least six months in a 12-month period. The vacancy will apply to foreign persons who make a foreign investment application for residential property from 7.30PM AEST on Budget day, 9 May, 2017.
  • Effective July 1, 2017, travel costs for individual investors inspecting and maintaining residential properties will no longer be deductible.

TAGS: tax | investment | pensions | tax incentives | real-estate | Australia | legislation | tax rates | tax breaks | tax reform

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