New CGT changes tipped to impact Aussie expats, trigger 'property Armageddon'
Proposed legislation to deny foreign residents access to capital gains tax exemptions will see a mass sell-off of residential properties by 2019 and could unfairly target Australians who have moved overseas, one accounting network is predicting.
The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Bill 2018 was put forward on 8 February 2018, aiming to remove the entitlement to the CGT main residence exemption for foreign residents from 9 May 2017 — the date of the federal budget announcement. The current law allows foreign residents to access the CGT main resident exemption in the same way as Australian residents.
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