Thinking of purchasing a residential property? Here is what you need to know about recent property depreciation changes

Last month the Senate passed the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017, with which came changes to depreciation for existing residential properties purchased after 9 May 2017. The purpose of the amendment is to stop owners and investors claiming overstated deductions by ‘refreshing’ the values of previously used depreciating assets in residential rental properties. How does this affect me? If you have acquired an existing residential property containing ‘previously…  Read more

Foreign property owners slapped with fee for vacant property

Australia has followed the international trend of penalising foreign owners of Australian residential property who keep their property vacant for extended periods of time. Last month Parliament approved legislation that imposes an annual vacancy fee on foreign owners of residential real estate if the property is not occupied or genuinely available on the rental market for at least 183 days in a particular 12 month period. Foreign owners can avoid…  Read more