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This author veritylaw has created 7 entries.

What changes in the latest Australian Federal Budget 2017-18 will affect foreign investors?

Announced last month in May, the Australian Federal Budget contains a number of changes that will affect foreign investors in the future.

The majority of changes in the latest Federal Budget focus on Capital Gains Tax (CGT), limitations on foreign investments and clarification of Australia’s foreign investment framework.

 

  1. Capital Gains Tax (CGT) changes for foreign investors

Effective immediately, the Government will no longer allow foreign and temporary tax residents an exemption on paying CGT on their main residence.

However, all existing properties purchased prior to 9 May 2017 will also have their CGT exemption removed by 30 June 2019.

Easing childcare pressure by bringing over migrant grandparents

In a dramatic new immigration strategy to ease the pressure on childcare while not burdening Australia’s existing crippling healthcare system, the Australian government has introduced a new migrants’ parents visa.

The new migrants’ parent visa will allow immigrant families to bring across grandparents for a maximum of 10 years with no pathway to citizenship or permanent residency. Applications for 3 years will cost $5,000 and 5 years for $10,000, with a single one-time-only renewal visa of 5 years for $10,000.

In an effort to reduce pressure on childcare facilities, migrants can bring across their retired parents to care for family members,

New changes affecting Home Buyers and Property Investors this year

The housing and property market is facing a radical shake-up as the Victorian Government implements changes to make property for buyers more affordable in the midst of a housing shortage.

The Good News

First home buyers are by far the winners in 2017 reaping great benefits from the government’s new property schemes. The two new schemes being introduced as of July are:

1. Stamp duty reduction for First Home Owners
The Victorian Government announced in March that first home buyers will be exempt from stamp duty tax if the property is valued at under $600,000.

Australians come first – radical changes to the 457 Temporary Work Visa

The Australian Prime Minister, Mr Malcolm Turnbull has announced that the Temporary Work (Skilled) visa (subclass 457 visa) will be abolished and replaced with a new Temporary Skill Shortage (TSS) visa to commence in March 2018.

Originally introduced by the Howard government in 1996, the Temporary Work (Skilled) visa 457 is being abolished and replaced in a bid to significantly address unemployment in Australia.

The Prime Minister said, “jobs must go to Australians first, before businesses consider hiring foreign workers to ensure that Australian jobs are filled by Australians wherever possible”. Mr Turnbull said while Australia was multicultural,

New tax implications on first home-buyers and investors with Victorian stamp duty changes

In a bid to making housing more affordable for Victorians amidst a housing shortage crisis, the State Government has proposed several new tax changes affecting first home-buyers and investors alike.

First Home-Buyers

Achieving the great Australian Dream of owning your own property with a back yard for the kids and dog will soon become a bit more reachable for first home-buyers. The Victorian Government announced last week that first home buyers will be exempt from stamp duty tax if the property is valued at under $600,000.

The proposed scheme is set to start on 1 July and proports to benefit 25,000 Victorian first home buyers every year,

Tough New Aussie Citizenship Test

The Australian Citizenship test may soon become hard yakka for migrants looking to become Dinkim True Blue Aussies.

The current Australian Citizenship Test is a 20-question multiple choice computer based test that focuses on the applicant’s knowledge of Australian history, politics and parliamentary structure. The Australian Citizenship test has been described as “trivial” and lacking depth into identifying whether applicants have a genuine desire to be Australian, contributing to the country’s diversity, prosperity and success.

Renewed focus on the Australian Citizenship test has unfortunately stemmed amid security concerns. The government is under pressure to prevent potential terrorists from settling in Australia and later undertaking national and international terrorist activities.

3 Special Conditions to Watch Out For in Land Contract Sales

Everyone knows the importance of having a solicitor look over your land sale contract when buying your dream home. However, apart from the standard s32 conditions you or your solicitor should be aware of any special conditions attached to your sale of land contract. While special conditions are quite common and subject to mutual agreement by both purchaser and vendor, the way they are drafted may have severe impact on the execution of the contract especially if not looked at carefully.

What are special conditions?

Special conditions are additional conditions apart from the standard conditions in a Contract for The Sale of Land.