CGT Main Residence Changes for Non Residents
A proposed bill measure plans to deny non-residents the CGT Main Residence for CGT Events that happen on of after 9 May 2017 subject to a 30 June 2019 transitional rule, which could seriously impact expats who lost their Australian tax residency status whilst travelling or working overseas.
The proposed bill has already faced heavy attack from the tax and expat community.
If the legislation is passed there is only 4 months left to take advantage of the transitional rules
Shadow treasurer Chris Bowen has called on the government to either put in place amendments that will alleviate concerns from the expat community, delay the measure, or abandon it altogether.
“Given the limited amount of time available for the Senate to consider the bill… I believe the issue must be brought to an urgent resolution,” said Mr Bowen.
“I note that I have repeatedly indicated that the Opposition is prepared to work with the government in good faith to resolve the genuine and real concerns of the expatriate community. These offers have not been taken up by the government.
“Instead, the government seems intent on imposing what is effectively a retrospective tax on thousands of Australians who have worked for a period overseas.
Treasury had said that the rationale for the new law was similar to other countries.