{"id":13983,"date":"2017-05-10T07:25:53","date_gmt":"2017-05-09T19:55:53","guid":{"rendered":"http:\/\/quantiphy.com.au\/oldbackup\/housing-affordability\/"},"modified":"2020-11-29T00:12:56","modified_gmt":"2020-11-28T12:42:56","slug":"housing-affordability","status":"publish","type":"post","link":"https:\/\/quantiphy.com.au\/oldbackup\/housing-affordability\/","title":{"rendered":"HOUSING AFFORDABILITY"},"content":{"rendered":"<h2><span style=\"font-weight: 400;\">Overview<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The 2017\u20132018 Budget contained a number of measures designed to improve Australians\u2019 access to secure and affordable housing across the housing spectrum. These include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">strengthening the CGT rules to reduce the risk that foreign investors avoid paying CGT in Australia;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">introducing a 50% cap on pre-approved foreign ownership in new developments;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">applying an annual charge to foreign owners who leave residential property unoccupied or not available for rent for six months or more each year;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">easing restrictions that are contributing to the supply of housing falling behind population growth and encouraging a more responsive housing market;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">improving outcomes in social housing and homelessness;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">assisting first home buyers to build a deposit inside superannuation; and<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">allowing older Australians to contribute downsizing proceeds into superannuation.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Increased CGT discount for investments in affordable housing<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">From 1\u00a0January\u00a02018 the CGT discount for individuals will be increased from 50% to 60% for gains relating to investments in qualifying affordable housing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To qualify for the higher discount, housing must be provided to low to moderate income tenants, with rent charged at a discount to the private rental market rate. Tenant eligibility will be based on household income thresholds and household composition.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The affordable housing must be managed through a registered community housing provider and the investment held for a minimum period of 3 years. Any period before the time a property was purchased when it was used for affordable housing purposes will count towards the buyer\u2019s qualifying investment period (provided the previous owner did not claim the additional discount).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The additional discount will be pro-rated for periods where the property is not used for affordable housing purposes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The higher discount will flow through to resident individuals investing in qualifying affordable housing through a managed investment trusts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The increased discount is not limited to investments in\u00a0new\u00a0affordable housing. This means that investors who elect to supply their existing properties for affordable housing will qualify for the additional discount provided the investment meets the eligibility requirements.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Government will consult further on the implementation of this policy, including on the precise definition of affordable housing and tenant eligibility, and what qualifies as rent charged below the market rate.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Overview The 2017\u20132018 Budget contained a number of measures designed to improve Australians\u2019 access to secure and affordable housing across the housing spectrum. These include: strengthening the CGT rules to reduce the risk that foreign investors avoid paying CGT in Australia; introducing a 50% cap on pre-approved foreign ownership in new developments; applying an annual&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-13983","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>HOUSING AFFORDABILITY - Quantiphy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/quantiphy.com.au\/oldbackup\/housing-affordability\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HOUSING AFFORDABILITY - Quantiphy\" \/>\n<meta property=\"og:description\" content=\"Overview The 2017\u20132018 Budget contained a number of measures designed to improve Australians\u2019 access to secure and affordable housing across the housing spectrum. 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