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In January, The AFR reported that plans to triple foreign investment fees for purchases of established homes and to double the vacancy fee for homes that overseas investors own could breach double-taxation agreements with eight countries, including India.
Worse, “large numbers of property buyers from India, in particular, may be eligible for tax refunds”, reports The AFR’s John Kehoe.
“India is one of the countries Australia has a tax agreement with, and there has been a surge in immigrants from India in recent years”.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.