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REIA Budget Snapshot

15 May 13

Click here to view the REIA BUDGET 2013-14 Overview

Budget talking points

First home buyers

The Budget has called on the jurisdictions to reform inefficient state taxes including stamp duty. This pays lip service to the need for reform and ignores the leadership role that the Commonwealth should be taking. Current arrangements apply.

Cap on work related self-education

The cap of $2000 per annum on work related self-education expenses penalises workers wishing to maintain the currency of their initial study and qualifications.

CGT

Ensure better compliance with the foreign resident Capital Gains Tax regime. This will mainly affect new unit developments which currently attract foreign investors, as a developer applies in advance for exemptions.

Aged pensioners downsizing trial

A pilot for senior Australian home owners who want to downsize to reflect their changed requirements and who will be able to deposit up to $200,000 for 10 years without an impact on their pensions is a positive move.

 

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