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There's a new article on the changes to LAFHA on the Expat Arrival site. I'm afraid it looks like it is being done away with, although nothing is technically final yet. Under the proposed changes, you will no longer be eligible for the allowance unless you are a permanent resident and maintain two homes in order to work. Even then, you can only claim it for 12 months.
The most controversial aspect of the change is that there seems to be no transitional period for those working on a 457 long-stay business visa. If approved in parliament, this means many expats will start paying tax from 1st July 2012.
Basically, expats on a 457 visa used to be able to get significant tax breaks, but the law is in the process of being changed so that now you get virtually none. Expats used to be able to save a lot more on the 457 than you'll be able to when you go.
You have something of an advantage over expast already in Australia as you'll never know the difference!
For more details, see this article on changes to LAFHA. Keep an eye on the Australian news for a couple of days - there should be formal announcements about LAFHA this week.