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FYI to Australian property owners

If you own a house or property in Australia you should always keep up with the rules and changes that happen with politics in Australia because some of it can change what is required of you day-to-day!

From Tracey P in Australians in America:

FYI to Australian property owners – Our tax agent in Sydney sent this to us…

In recent days the Government announced a new Budget and when/ if passed by Parliament the following will affect you.

Firstly they propose to remove travel claims against Rental Properties from 01/07/2016 which means you cannot come back to Australia to visit etc and offset part of this cost against the Rental Property for Inspection, Repairs or to collect Rent.

Second item is that for Non-Residents they will no longer be able to claim the Six-Year-Main Residence exemption from Capital Gains Tax. Therefore the period overseas whilst renting a property over total number of days ownership will attract Capital Gains.

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Josh Pugh

A business founding, digital marketing focused, charity driving, community builder from South Australia, living in New York City. After moving in 2017, Josh realized that there was an opportunity to curate and help the community of expats who moved to the United States – and launched America Josh.View Author posts

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