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.
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.