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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.

TAGS: capital gains tax (CGT) | tax | revenue guidance | budget | Australia | legislation | tax reform

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