, resulting in significant financial losses.
Luxury property tax: The government can add a “surcharge” tax on luxury properties , which neatly rides on our existing property tax system. Estate or inheritance tax: A one-off tax on assets, including property, inherited from a deceased person. The majority of OECD countries practise this form of tax.
In Australia for example, foreigners who bought properties off-plan can only resell them to Australian citizens or PRs and are subject to capital gains tax as part of their income tax assessment .Before you panic about more tax bills to pay, the average Joe should rest easy knowing that you’re not the target of such taxes.
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