Australia to restrict property tax evaders

Australia may restrict a property tax scheme to only its citizens after it was revealed on Monday that foreign investors dodged close to 60 million U.S. dollars in tax in 2013, according to an article in the Shanghai Daily.

According to the article, Australian Tax Office data showed almost half of the country’s 52,670 foreign investors that declared rental income in 2012-13, the latest figures available, claimed a loss, mostly through negative gearing, News Corp reported on Monday.

Negative gearing allows landlords to offset the cost of their investment property, such as maintenance, agent fees and interest on mortgages, against the income received from rent.

It has been blamed for handing the advantage to higher-income earners and pricing lower-income earners out of the property markets in Sydney and Melbourne, where house prices are sky- rocketing.

The government, fearing voter backlash from the 1.27 million Australians using the system, has been sluggish to change the system completely, but is investigating a move on restricting or abolishing the system’s use for overseas investors, according to the Shanghai Daily article.

Big banks remain among top in profits
Investors may have fallen out of love with Australian banks, but they remain among the most profitable lenders in the developed world, according to an article with the Sydney Morning Herald.

According to the article, the big four had the highest return on assets when compared with major banks from 10 other wealthy economies and some emerging markets, new figures from the Bank for International Settlements show.

The big four’s pre-tax profits as a percentage of their assets was 1.28 per cent in 2014, putting them ahead of banks from other developed countries included in the BIS annual report, released on Sunday night. Australian banks were not as profitable as those from the emerging markets Brazil and China, which notched up profits that were 1.66 per cent and 1.83 per cent of assets, respectively.

Non-major increases up-front broker commissions
ME Bank has announced it is increasing up-front commission to brokers from 0.60 per cent to 0.65 per cent, excluding GST, of the home loan amount settled.

The increase will apply to all settlements that occur on or after 1 July 2015, so brokers with applications currently in the pipeline may be eligible. It will also apply to top-ups of $50,000 and over.

ME Bank says they will continue to maintain a commission structure commensurate with their growth plans, recognising the vital role brokers play in the promotion and distribution of their home loan products.

Advertisements

About ljgrealestate 据联大

Removing the Hassle from Sales and Rentals across South East Queensland. Aim to Empower other like minded Property Investors. L J Gilland Real Estate is a prestigious boutique agency specializing in Property Investment Management Services and the Sales of Investment Properties with tenants in place. Comprised of a top performing group of handpicked specialists, our Agents proudly serve Property Investors in Queensland. Since 1996 our Agency has demonstrated a genuine enjoyment of working with people, developing long-term relationships and delivering on the promise of great service. Carlos and Linda Debello offer property investor's the confidence to sell and lease in any market. We provide comprehensive market appraisals, exclusive multimedia marketing campaigns, and knowledgeable, highly personalized counsel on all aspects of real estate. Our Property Management Team is equally considerate, offering investors with in-depth advise, well-researched rental valuations, and highly professional rental management services. http://goanimate.com/movie/0M4bvcZzgIbI?utm_source=linkshare&uid=0u6RGtWsmlVc Carlos’ direct mobiles are 0400 833 800 & 0413560808. Linda’s mobiles are 0409995578 & 0414978700 (prefer email contact for Linda). Office 07 3263 6085. http://www.ljgrealestate.com.au http://www.yellowpages.com.au/qld/aspley/lj-gilland-real-estate-pty-ltd-14091356-listing.html http://au.linkedin.com/in/lindajanedebello http://twitter.com/GillandDebello http://www.facebook.com/pages/ljgrealestate
This entry was posted in Foreign Investment, LJ Gilland Real Estate Pty Ltd, ljgrealestate and tagged , , , , , , . Bookmark the permalink.

One Response to Australia to restrict property tax evaders

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s