Australia’s biggest tech companies are moving house

Moving house deposits and moving boxes are the latest industries to fall from favour with the Australian taxman, with the number of such businesses down to the lowest levels since the financial crisis, according to new research by the Australian Taxation Office. 

“There has been a dramatic reduction in the number and the extent of people moving into new houses,” the ATO’s deputy commissioner Andrew White said. 

The ATO found that in the last three months of last year, the number (at least) of people in new Australian households with a moving house deposit was down to around 4,600, or 0.2 per cent. 

It also found that the number moving into a moving box, such as a mobile home, was down by more than half to more than 5,400, or 6 per cent, from last year. 

While many people move to live in new houses for the first time, the ATA said people could end up with significant financial liabilities if they leave their current property without paying any of the cost of the new place of residence. 

Its research, which is based on data from July, found that people who had a moving home deposit in the previous three months owed $1.9 billion to the Australian Treasury, compared with $5.2 billion in the same period last year and $8.1 billion in 2014. 

More: Australian Taxation office warns of financial consequences of leaving home without mortgage