The couple’s outrage is shared by Professor Bob Deutsch of the University of New South Wales and senior tax counsel at The Tax Institute.
“This is forcing people to go to the market now, and changing tax implications shouldn’t be driving this sort of behaviour,” he said. The June 30 deadline has resulted in a slew of sales and upcoming listings, said McGrath’s leading north shore agent Peter Chauncy. “All these owners were not considering selling their properties but have now done so to avoid the extra tax liability.”in the coming weeksAn Australian Tax Office spokesman said home owners were able to claim the exemption if they sold the property before June 30 or returned to live in it before it was sold.
Domain senior research analyst Nicola Powell said if there were enough new listings in key areas by expats hoping to sell before the new tax regime took effect then a spike in supply could overwhelm demand as well affect the rental market as those properties are sold.
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