Daily Archives: November 30, 2019

CGT ‘main residence’ exemption to exclude ‘non-residents’ – Scrutiny of Bills Committee concerns with the ‘retrospective’ effect of this measure (but not in the sense that really matters)

On 13 Nov 2019 the Senate Standing Committee for the Scrutiny of Bills issued ‘Scrutiny Digest 8 of 2019’ covering the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 – Schedule 1 of which would cut ‘non-residents’ loose when disposing of their ‘main residence’. The Committee was critical of its retrospectivity, but unfortunately,…

AFR article about the Bill which would deny any ‘main residence’ CGT exemption, to a vendor who was non-resident at the time of sale (rather than limiting the exemption to the residency period)

On 28 Nov 2019, the Australian Financial Review published an article by its Political Reporter: Tom McIlroy, titled: Tax slug looms for expat property owners. This is about the clumsy and blunt measure the Government is still pushing through Parliament, that would deny non-residents any ‘main residence’ CGT exemption, if they are non-residents when they sell…

The ‘Combatting Illegal Phoenixing’ and ‘Housing Affordability’ Bills (both ‘Treasury Laws’ and ‘Foreign Takeovers’ Bills) – pass our Lower House without amendment – including controversial non-resident ‘main residence’ measure

On Wed 27.11.19, the Lower House of the Australian Parliament passed three Bills, relating to: Illegal Phoenixing, removing the ‘main residence’ CGT exemption from ‘non-residents’ and ‘near new dwelling exemption certificates’ for developers on sales to foreign persons. Depriving non-residents, of the the whole of their ‘main residence’ CGT exemption, is very controversial because of…