1 July 2018 is the start date for the seven year income tax plan announced in the recent 2018-19 Federal Budget.
The family home of foreign residents and expats may be taxed if legislation before Parliament is passed by the Senate.
If you are a foreign resident living in Australia or an Australian working overseas who owns residential property in Australia, this reform potentially has serious tax implications for you.
Every year, the Australian Taxation Office (ATO) compiles the tax data they collect. The recently released 2015-16 ‘tax stats’ encapsulate the data from 16 million income tax returns lodged for the 2016 income year for 13.5 million individuals, 940,000 companies, as well as superannuation funds, partnerships, and trusts.