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According to Core Logic, the value of the Australian housing market is estimated to be around $6.7 trillion for some 9.7 million residential properties. It's a staggering number that doesn't look to be cooling off in the short term, but after a five-year run, properties across Australia have surged by 42%.

Housing affordability is on the lips of many voters; however the sacred cows of the capital gains tax and negative gearing are firmly off the reform agenda. In its place, the Government has introduced legislation to help first home owners access their super to build a deposit for a first home and the incentive of tipping more into super for older Australians. However, if you're non-resident for tax purposes, the situation isn't quite as generous, as the main residence exemption is no longer available and if you're selling, expect to hold back 12.5% of the sales price.

This month we also look at the ATOs' current taxpayer hit list and why it's important to find out if your insurance is adequate for you and your family.

	Super Changes for First Home Buyers and Downsizers The 2017 Federal Budget contained some initiatives for first home buyers and downsizers. With detail now released, we explore the possibilities and the implications for your super.
	CGT Main Residence Exemption Removed for Non-Residents The Government announced in May 2017 that non-residents will no longer be able to access the main residence exemption for CGT and details are now available about how this may work.
	Selling A Property Worth More than $750k? Prove You're a Resident If you're planning to sell a property with a sales value above $750,000, then you'll now be expected to prove Australian residency to avoid having to withhold 12.5% in withholding tax.
	The Tax Commissioner's Hit Lists If you're claiming work-related deductions, then it's a good idea to understand what is on the ATO's hit list for individuals, businesses, private groups, and property developers.
	Under-informed = Under-insured Large numbers of Australians could find themselves struggling not only with emotional distress, but also with the financial challenges associated with the major life events, according to a recent report
	The Cash Economy and the ATO The ATO has released updated guidance on the tax treatment of travel expenses for individual taxpayers as well as employers.

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This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.