Daniel Hodgson and Ablean Saoud provide a concise overview of the current state of play on the proposal to deny the CGT main residence exemption to non-residents.
Proposals announced in the 2017 Federal Budget sought to deny the capital gains tax ('CGT') main residence exemption to non-residents from July 2019. However, the Bill effecting this change has yet to be passed, and as a result, there has been much media debate on the potential impact for Australians residing overseas as non-residents.
This article provides a concise overview of the current state of play and the range of possible outcomes, so that impacted taxpayers can make an informed decision regarding their property.
To continue reading further on the possible outcomes for this proposed legislation, log on to KPMG Tax Now.
Register for KPMG Tax Now if you have not already done so.
©2020 KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.
Liability limited by a scheme approved under Professional Standards Legislation.
For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.