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Parliament denies the CGT main residence exemption to foreign residents

Mardi Heinrich & Selina Kneale discuss the implications of removing the Capital Gains Tax (CGT) exemption relating to the sale of a main residence for foreign residents.

The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 passed the Senate on 5 December and is now awaiting Royal Assent. This bill removes the Capital Gains Tax (CGT) exemption relating to the sale of a main residence for foreign residents, unless the foreign resident is eligible for certain transitional or hardship reliefs. The government first announced this policy measure in May 2017, but its path through the parliamentary process has been tortuous...

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Authors: Mardi Heinrich, Selina Kneale

Published Date: 06 December 2019

 

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