articles: property

Property Council Australia interviews Simon Alford, director at Moore Stephens about the housing affordability measures that were announced in the May 2017 Federal Budget. 

“The Australian Tax Office is concerned that non-resident taxpayers are not meeting their tax obligations when they sell Australian property. The solution is this new withholding tax regime,” Costanzo, Moore Stephens’ director of tax and business advisory in WA explains.

When a non-resident sells property with a market value of $2 million or more, the purchaser is now required to withhold 10 per cent of the purchase price, and remit this amount to the ATO.
 

With the fall of the Australian dollar, inbound property development and investment activities into Australia by cashed up foreign resident multinationals and high net wealth individuals is a more attractive proposition, and such activities continue to drive the Australian property market.