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.
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