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 its retrospective effect on those who were residents. See related Tax Technical articles about the Senate Committee report and the AFR article about the loss of this exemption.

See below for further detail.

[Tax Month – November 2019]