Category: Housing

Australia: Proposed changes to CGT main residence exemption for foreign residents

The Treasurer has recently released exposure draft legislation (Treasury Laws Amendment (Housing Tax Integrity) Bill 2017) in relation to removal of the CGT main residence exemption for foreign residents. The changes are part of the Commonwealth Government’s ‘housing affordability’ reforms announced in the 2017-18 Budget. This will affect both Australian… – Continue reading

Australia Announces Housing Tax Breaks

The Australian Government has unveiled a package of housing tax breaks, including a new scheme for first-time buyers, a superannuation incentive for downsizers, and tighter rules for foreign residents. In a joint release, Treasurer Scott Morrison and his Assistant Minister, Michael Sukkar, said: “Housing affordability is a major issue affecting… – Continue reading

Australian Budget Targets Housing, Tax Compliance

Australian Treasurer Scott Morrison’s 2017 Budget focused on measures to cool the housing market and crack down on tax avoidance. Morrison handed down the Budget on May 9. He said the the budget would return to a surplus in 2020-21 and remain in surplus over the medium term. The Budget… – Continue reading

New residence permit to attract non-EU investors, entrepreneurs and talent

(HP) A new law which was voted last month is set to ensure an exclusive residence permit in Luxembourg to high net worth investors, entrepreneurs and talent from outside the European Union. Due to be published early June, the draft law introduces five new residence permits, putting in place new… – Continue reading

Vancouver Announces Empty-Home Tax to Take Pressure Off Rental Market

New tax takes effect on Jan. 1; highest penalties could reach C$10,000 a day Vancouver is implementing a new tax policy to rein in an overheated real estate market by forcing absentee landlords to make their vacant homes available for lease. Starting Jan. 1, the Empty Home Tax will be… – Continue reading

Abolish 20 taxes and set 15% flat rate of income tax in UK, says report

Institute for Economic Affairs says changes would make those at top 13% better off, but incomes of those at bottom would rise 26% National insurance, business rates, stamp duty, the TV licence fee and excise duties on alcohol and tobacco should be among 20 taxes abolished by the government, a… – Continue reading

After disclosure on Bahamas tax havens, UN experts urge governments to take action

In the wake of the recent disclosure of leaked Bahamas tax haven data, United Nations human rights experts today urged governments to work together on liquidating offshore tax avoidance and establishing tougher financial regulations. In a news release, Juan Pablo Bohoslavsky, the UN Independent Expert on foreign debt and human… – Continue reading

New Zealand extends anti-money laundering rules to capture property agents

New Zealand will extend its anti-money laundering laws to cover real estate agents and other professions amid fears the country has become a soft target for illegal fund flows that have also helped inflate the property market. Soaring property prices have become a hot issue among the New Zealand public… – Continue reading

U.S. Citizens Retiring Abroad: “Tax Trigger” Situations and Related Disclosure Forms

The following is a bolded checklist of important situations that may “trigger” a tax review by a skilled United States tax professional. Many of these situations also require a simultaneous review by a foreign tax professional. It is generally best practice for these tax professionals to work together to minimize… – Continue reading

NSW Budget 2016: Foreign property buyers in NSW to be hit with stamp duty and land tax hikes

Stamp duty will be doubled for foreign buyers of a median priced Sydney house under changes to be introduced in next week’s NSW budget. Based on the Sydney median house price of $995,804, the stamp duty bill for a foreign investor will increase by almost $40,000 – from $40,305 to… – Continue reading

Government urged to withdraw key tax avoidance provisions from law

The government should immediately withdraw key tax avoidance provisions from the income tax law and investigate sources of foreign remittances under section 111(4) of the Income Tax Ordinance 2001 and other blanket amnesty/immunity clauses in the tax laws through Statutory Regulatory Orders (SROs). A tax lawyer Waheed Shahzad Butt told… – Continue reading

UK Tax Technicians Slam SDLT Surcharge

The Association of Tax Technicians (ATT) has expressed its disappointment that the UK Government intends to press ahead with plans to introduce a stamp duty land tax (SDLT) surcharge on purchases of second homes from April 1. Higher rates of SDLT will apply to purchases in England, Wales, and Northern… – Continue reading

The rich people who pay no tax

Only the little people pay taxes. For a small, select cohort of rich Australians, the famous quote of New York property billionaire Leona Helmsley rings not as an outrage but as an inspiration. In the most recent documents released by the Australian Tax Office, there were 55 people who had… – Continue reading

Luxembourg set for a “huge change”

Governments around the world want more tax income. There is a widely held feeling that many international companies are basing themselves in places like Luxembourg, Ireland, and the Netherlands to avoid tax. The world’s largest countries have a plan and things will change. What will be the effect on Luxembourg,… – Continue reading

Budget cost of family home tax breaks close to $55bn a year, says Treasury

Surge in revenue foregone by exempting family home from capital gains tax – largely driven by higher property prices – fuels fiscal policy debate The budget cost of tax breaks on family homes has reached nearly $55bn a year, fuelling debate about alternative options as the Turnbull government prepares its… – Continue reading