Foreign resident capital gains threshold from 1 July 2017 reduced from $2 million to $750,000.00. Property sold for $750,000.00 is now liable for CGT.
From 1 July 2017 the FRCGW rate is expected to increase from 10% to 12.5%. If vendor cannot obtain a clearance from ATO, the purchaser must withhold 12.5% of the price and remit it to ATO.
If the contract specifies land tax will be adjusted, any amount payable by a non resident/foreign person, vendor for surcharge land tax will be excluded from an adjustment of land tax. It is presently 0.75% of the land tax. A non resident/foreign person in addition to the ordinary land tax pays an additional 0.75% surcharge.