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45% tax on foreign investment purchases?
Topic Started: 24 Oct 2016, 12:33 PM (734 Views)
furry
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Has anyone heard of this?

I was talking to an agent today who said that there is a new tax in the pipeline along the lines of a 45% tax being introduced for foreign investment purchases.....

Google didn't help so I thought I'd ask here. I did try and clarify if it was an additional tax on CGT or other (or maybe 4.5%), but they were adamant (they had been told in a meeting apparently) that it was an additional 45% tax on the purchase price of a property if you weren't local.

Thoughts? or links?

Thanks

ETA - I think they are just wrong, but it would be an awesome way to decimate the foreign investment demand for residential property (which I seriously don't think the government would be wanting to do)
Edited by furry, 24 Oct 2016, 12:36 PM.
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zaph
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I heard it was a 105% tax
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furry
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zaph
24 Oct 2016, 12:49 PM
I heard it was a 105% tax
Lol, got a link for that? :D
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zaph
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furry
24 Oct 2016, 12:33 PM
Google didn't help so I thought I'd ask here. I did try and clarify if it was an additional tax on CGT or other (or maybe 4.5%), but they were adamant (they had been told in a meeting apparently) that it was an additional 45% tax on the purchase price of a property if you weren't local.

Thoughts? or links?

Thanks

ETA - I think they are just wrong, but it would be an awesome way to decimate the foreign investment demand for residential property (which I seriously don't think the government would be wanting to do)
Quote:
 
Has anyone heard of this?

I was talking to an agent today who said that there is a new tax in the pipeline along the lines of a 45% tax being introduced for foreign investment purchases.....

You need to stop listening to real estate agents. Most have the intellect of an ant.

What is this 45% tax? CGT, GST, stamp duty, income tax, inheritance tax, window tax?


furry
24 Oct 2016, 12:51 PM
Lol, got a link for that? :D
No! But Mr Hooker told me it was so during an investment seminar. At least there was free coffee and scones.

It's very odd that a real estate agent would be promoting this propaganda.
Edited by zaph, 24 Oct 2016, 01:07 PM.
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furry
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Yeah, it was really strange, I thought maybe they had confuzzed themselves and it was 4.5% or something, surely there would be more info about it even being a potential tax as anything property-related these days seems to get a lot of press....

Only other thing I can think of is that it is an existing tax and they misunderstood (eg 45% top tax bracket) etc.

Anyway, that's why I thought I would ask here, if it was real and correct (or even incorrect but doing the rounds) someone would have heard of it.
zaph
24 Oct 2016, 01:04 PM

What is this 45% tax? CGT, GST, stamp duty, income tax, inheritance tax, window tax?

I did try to clarify but they were insistent that it was on the purchase price :bl:
Edited by furry, 24 Oct 2016, 01:18 PM.
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Trollie
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No they probably just wanted to get you to buy it before all those chinese bought up prior to his imaginary tax.
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Rastus2
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furry
24 Oct 2016, 12:33 PM
Has anyone heard of this?

I was talking to an agent today who said that there is a new tax in the pipeline along the lines of a 45% tax being introduced for foreign investment purchases.....

Google didn't help so I thought I'd ask here. I did try and clarify if it was an additional tax on CGT or other (or maybe 4.5%), but they were adamant (they had been told in a meeting apparently) that it was an additional 45% tax on the purchase price of a property if you weren't local.

Thoughts? or links?

Thanks

ETA - I think they are just wrong, but it would be an awesome way to decimate the foreign investment demand for residential property (which I seriously don't think the government would be wanting to do)

If you have not seen it in the media, then the lobby groups against any such moves have not felt the need to spend money to oppose it, which means it is either not going to happen, or not going to happen any time soon.

A lot of things are in the pipeline, and there are a lot of flushes of that pipeline before they even see the light of day... personally, I would not expect a 45% tax on purchase price to be rolled out any time soon, but I have no doubt that there are lobby groups pushing for some kind of tax right now.
Shadow - Defrauded his Bank ? 2015 I have 9 different loans and my bank had no idea which ones were personal and which were investment. They had half of them classed incorrectly. When this change came in they asked me to tell them if any personal loans were incorrectly classed as investment, which I did, and they switched them to personal for the lower rate. They also had a couple of investment loans incorrectly classed as personal. They didn't ask me about those. So they stay on the lower rate too. Worked out pretty well. :)
Shadow - 2008 Sydney Median House Price 1.25M by 2014-2015

Shadow : I think this boom has already begun in several cities. My prediction :
Peak of boom: 2014-2015. Sydney Median Price: $1,250,000 Bottom of bust: 2017-2018. Sydney Median Price: $1,100,000

Shadow's Original 2010 House Boom and Crash prediction http://s836.photobucket.com/user/rastus22/media/shady-orig-2010-chart.png.html?sort=3&o=0

Shadow's attempt to edit his 2010 chart in 2015 and replace it with one that does not show a crash in 2013 http://s836.photobucket.com/user/rastus22/media/Screen%20Shot%202015-06-06%20at%207.12.52%20pm_1.png.html
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furry
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Thanks, yeah, I thought it was weird that I hadn't heard of it elsewhere.

Unfortunately for this agent, it just consolidates my idea that they don't have that much of a clue..
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