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Inherited shares and the CGT exemption for foreign residents.

Publication date: 01 May 08 | Source: INTAX

Issue: May 2008

Pages: pp.10

Abstract:
Are you looking at inheriting your parents' healthy share portfolio? In addition, are you (or one of your siblings) living overseas on a more than temporary basis so that you (or they) would be classified as a foreign resident for Australian tax purposes? If so, there is a possible way of dealing with the shares so that there won't be any Australian CGT liability on any subsequent sale.

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Kirk WILSON
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