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Australia Individual - Significant developments

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As part of its 2018/19 Federal Budget, the Australian government announced and enacted a seven-year Personal Income Tax (PIT) Plan aimed to provide tax relief to individual taxpayers through lower PIT rates and a new low and middle tax offset. The changes progressively apply from 1 July 2018. See the Taxes on personal income section for more information.

A series of measures relating to investment in Australian housing may affect certain individuals. Since 1 July 2017, deductions are not allowed to be claimed for travel costs in connection with certain residential rental property, and depreciation deductions for items of plant and equipment in a residential rental property acquired from 9 May 2017 is limited to those assets that have not previously been used. In addition, subject to legislation being passed, a foreign tax resident's entitlement to the capital gains tax (CGT) main residence exemption will be removed (from 7:30 pm [AEST] on 9 May 2017, subject to transitional relief for properties held at this date that are disposed of on or before 30 June 2019). In addition, it is proposed that from 1 January 2018 the CGT discount for resident individuals who invest in qualifying affordable housing will be increased. See the Income determination section for more information.

An annual vacancy fee is imposed on a foreign owner of Australian residential property that is essentially vacant for at least half of a year. These new rules also require certain foreign owners to report annually to the Commissioner of Taxation in respect of each dwelling, even where there is no liability to the vacancy fee. These obligations apply in relation to an interest in an Australian residential property on which a dwelling is (or will be) situated that was acquired at any time since 7:30 pm AEST 9 May 2017 (see the Other issues section for more information).


Last Reviewed - 29 June 2018

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