Re: Australian tax on UK rental
Originally Posted by paulry
(Post 11465686)
There's always going to be those unexpected consequences. I wonder if the cheaper rentals was the original intention of NG or whether it was intended to create a boom in the property sector? One thing for sure is the average one home owner is more indebted to the banks than ever before and for first time buyers, unless they're on a meaty income its harder than ever to get onto the housing ladder.
Regards. Agree about foreign ownership of investment properties - the FIRB are a joke. |
Re: Australian tax on UK rental
Originally Posted by Beoz
(Post 11464694)
I'm amazed at how many British expats I speak to have rental properties in the UK and don't declare on their Oz tax returns.
In any case, it's likely that from April 2015, they will lose the personal allowance and then will have to pay U.K. tax on the rental profit. Which could normally be offset against Australian tax - if that was being paid, in the first place. |
Re: Australian tax on UK rental
Originally Posted by spouse of scouse
(Post 11465805)
Tax breaks on mortgage interest for lower paid first home owners makes more sense to me than the tax breaks given to investors.
Agree about foreign ownership of investment properties - the FIRB are a joke. |
Re: Australian tax on UK rental
Originally Posted by Alan Collett
(Post 11465619)
... and with a fall in demand for property you might reasonably anticipate property prices would also fall.
Now some would say that is a good thing. Others might have a concern about the wider impact on the economy of prices being stagnant or falling in the housing sector. Best regards. So the govt should really look at options here. Perhaps they could look at current NG users stay as they are. But from a certain date all new investors cannot take advantage of NG. Prices stagnate or come down slower than abolishing all together. That lost generation can jump on in, rents rise a little as they should. Minimise the impact. As for the foreign investor crap, yes its a joke that its not controlled but the stats say that foreign investment accounts for very little of ownership. Perhaps we just look at all the Chinese lining up for a property in Eastwood and think its rife. They could be residents. |
Re: Australian tax on UK rental
Why not jack up the taxes on second (and subsequent) homes as well as any residential properties owned by non-residents to cool down the market?
Norway does a very good job at ensuring that the property market doesn't play a similar role to the stock market, with properties becoming "investments" to speculate on, just as if they were stocks, currencies or gold. |
Re: Australian tax on UK rental
Originally Posted by Beoz
(Post 11466214)
Or looking at it another way, prices continue to be near the most expensive in the world based on a salary ratio. One day something will cause a pop, and the higher it is the further it will fall causing a great deal of damage. Best to control it now. On top of that you have all the grey hairs sinking their super into property, muscling out the youth. One day these grey hairs will die but before they do you have a whole generation not into property. Again not healthy and riddled with future bad impact..
So the govt should really look at options here. Perhaps they could look at current NG users stay as they are. But from a certain date all new investors cannot take advantage of NG. Prices stagnate or come down slower than abolishing all together. That lost generation can jump on in, rents rise a little as they should. Minimise the impact. As for the foreign investor crap, yes its a joke that its not controlled but the stats say that foreign investment accounts for very little of ownership. Perhaps we just look at all the Chinese lining up for a property in Eastwood and think its rife. They could be residents. ABS admits data on foreign real estate buyers is 'hit and miss' - ABC News (Australian Broadcasting Corporation) Chinese investors are pushing into Melbourne and Sydney |
Re: Australian tax on UK rental
Originally Posted by spouse of scouse
(Post 11466783)
I'm sure a lot of them are (residents), but I don't think there's any doubt that Chinese investment in Australian real estate, particularly in Sydney and Melbourne, is higher than it's ever been and climbing. That's companies, as well as 'Mum and Dad' investors. A couple of articles I found interesting:
ABS admits data on foreign real estate buyers is 'hit and miss' - ABC News (Australian Broadcasting Corporation) Chinese investors are pushing into Melbourne and Sydney |
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