CGT changes – excluding non-residents from the ‘main residence’ exemption; imposing CGT on non-residents for CGT events happening to their ‘membership interests’ by calculating ‘taxable Australian real property (TARP) under the ‘principal asset test’ in s855-30 on an ‘associate inclusive’ basis
On Fri 21.7.2017, Treasury released draft legislation to implement two 2017-18 Budget measures to make CGT changes for foreign residents and sought comments from the public. Before progressing to the substance of these changes, the draft Explanatory Memorandum (EM) notes that these are 2 of the measures announced on budget night (9 May 2017), which were…