Australia moves to tax vacant foreign-owned homes
Australia’s Property Observer website warned yesterday of a possible tax on properties owned by foreign investors who leave them vacant, to come in the Federal Government’s budget next Tuesday.
The website said the levy would be added to the conditions the Foreign Investment Review Board imposes when it approves overseas buyers for Australian property purchases.
The Australian Taxation Office is building a nationwide register of foreign-owned land, and the Property Observer said water usage levels, kept by each state, could be used to determine which properties were sitting vacant.
The Labor Party has also unveiled a proposal for a national vacant residential property tax similar to one the Victorian state government has imposed, which is along the lines of one introduced last year in Vancouver, Canada.
Property Observer, 2 May 2017: Foreigners who leave homes vacant could soon be taxed
Attribution: Property Observer