update: new taxation laws for foreign vendors commencing

From July 1 all foreign investors in property and development must pay a new 10% capital gains tax. This new tax comes under the Taxation and Superannuation Laws Amendment (2015 Measures No. 6) Act 2016 and will apply to all property purchases over $2 million. Australian vendors must apply for a clearance certificate to provide at settlement in order to prove their local resident status and avoid the tax.