The Australian government has dropped its plan to introduce tax exemption on most foreign sourced income for first-time temporary residents after the bill was blocked by the Senate on two occasions.
Announcing the government’s decision, Treasurer Peter Costello said the measures have been abandoned in order to provide a degree of certainty for taxpayers.
The proposals were designed to help meet a demand for highly skilled labour by Australian firms, and would have exempted temporary overseas residents from capital gains tax on foreign income amongst other measrures.
“As Australian employers often meet these tax costs, the measure would also have the effect of reducing the costs of Australian businesses," said Costello in a statement.
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