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2016/17 Federal Budget

Scott Morrison delivered his first Budget as the Federal Treasurer and enlivened many of the rumors that have been circulating for weeks whilst also squashing some of the touted predictions.

 

Changes to Taxation of Property

From 1 July 2016, the sale of Australian property for $2m or more will be subject to a 10% withholding tax.The new law is targeting non residents who evade capital gains tax on the sale of Australian property but will be applied broadly for administrative ease. The law doesn’t just target investors, it will sweep up homeowners.

 

Family Loan Agreements

Many families provide financial assistance within their family group and good practice ensures that a Loan Agreement is in place. A Family Law case has highlighted that a Loan Agreement will not protect an asset from being included in a matrimonial property division if it is not ‘commercial’ in nature.

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