Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 is now law – including the controversial measures denying ‘main residence’ CGT relief to ‘non-residents’

On 12 December 2019, the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 received Royal Assent as Act No 129 of 2019. As a result, clumsily and controversial measures, to deny foreign residents access to the CGT main residence exemption, are now law.

See below for a summary of this new Act and some comments about the ‘main residence’ changes.

[Tax Month – December 2019]