The threshold for foreign resident capital gains tax withholding has been reduced to an unnecessarily low level and agents and conveyancers will be subject to additional red tape and costs for no valid reason, according to the Real Estate Institute of Australia (REIA).
The initiative outlined in the 2017 Budget sees the threshold for foreign resident capital gains tax withholding reduced to $750,000 from the current $2 million from 1 July 2017.
REIA President Malcolm Gunning said in REIA’s view the proposed threshold of $750,000 is unjustifiable.
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