Expats in Australia to lose tax perks

Tuesday, August 14, 2012

Expats in Australia to lose tax perks

Expats who have made the move Down Under are set to lose a tax perk which saved them money on selling their Australian property.

Previously expats benefited from a 50 per cent capital gains tax (CGT) concession when offloading an Australian property. However, this is to be scrapped by the Australian government, which has backdated the tax grab to May 8, 2012.

This means that if a property is owned for more than a year, ALL profits accruing after May 8, 2012 and up to the point of sale will be subject to taxation, rather than just 50 per cent of the gain.

The Australian government is also getting rid of another perk for those who own property in Australia - the living away from home allowance. This tax break previously helped those who were maintaining a second home in Australia, but this benefit is due to be cut on the 1st of October.

Interested in emigrating to Australia? The Buying Advice Theatre at A Place in the Sun Live, which takes place at NEC Birmingham between the 28th-30th September 2012, will host a daily seminar on the process of emigration.

Find out more about A Place in the Sun Live on our exhibition pages.

Click here to view the full exhibitor list for A Place in the Sun Live NEC 2012


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