If you’re a foreign investor …
Foreign investors in Australian property will no longer be able to claim primary residence exemption for capital gains tax purposes, in a measure which is expected to bring in an extra $581 million over the next four years. And if you buy a property only to leave it empty or fail to rent it out for at least six months of the year, you’ll be slugged with a “ghost tax” equal to the foreign investment application fee you paid at the time of application, which will work out to at least $5000. Foreign investors will also be limited to a 50 per cent of purchases in new developments, to give Australian buyers the opportunity.
Source:
http://www.news.com.au/finance/economy/federal-budget/budget-2017-what-it-means-for-you/news-story/23ef73b663adcfd96dd0976937bbd6c4
