Australia To Scrap Non-Resident CGT Discount
by Mary Swire, Tax-News.com, Hong Kong
11 March 2013
The Australian Government is consulting on draft legislation which will axe the capital gains tax discount for non-residents on taxable Australian property.
The decision to remove the 50% discount was announced by Treasurer Wayne Swan in the 2012-13 Budget last May. Non-residents will still be entitled to a discount on capital gains accrued prior to Budget night - May 8, 2012 - provided that they choose to value the asset as at that day.
The Government believes that the discount is not necessary to attract investment from non-residents into these assets. It estimates the savings from this measure to reach AUD55m (USD56.4m) over the forward estimates period.
The consultation is open until April 5.
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