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READ MOREBudget has underestimated red tape with new foreign investor taxes, REIA says
The Real Estate Institute of Australia has slammed the incoming tax changes for foreign property buyers, asking the federal government to rethink the proposals it calls a red tape nightmare.
Under the government's new regime the withholding rate on capital gains tax that foreigners must pay when they sell property will increase to 12.5 per cent from 10 per cent and the threshhold for foreign resident capital gains tax withholding will reduce to $750,000 from $2 million.
Read the full story at the Australian Financial Review.
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