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CGT foreign resident proposed exemption - deemed cost base amendments made.

Publication date: 13 Oct 06 | Source: WEEKLY TAX BULLETIN

Issue: No. 43 2006

Pages: pp.1668-69

The Government has amended Tax Laws Amendment (2006 Measures No 4) Bill 2006 concerning the proposed rules for the taxation of capital gains and losses of foreign residents. The Bill has now passed the House of Representatives. These amendments were principally to provide that those "indirect Australian real property interest" assets that will now become taxable in Australia could have a deemed market value cost base.

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Anthony Stolarek
Photo of author, Tony STOLAREK Tony engages with Australia's federal and state governments, Treasury and Taxation Office on tax policy and tax administration, through the EY Australia Tax Centre for Excellence. In his EY role and membership of the Institute of Chartered Accountants in Australia tax technical committee, he is heavily involved in submissions to government and the ATO on policy proposals, changes in the tax system and improving its administration and interpretation. Tony is an ICAA representative on the ATO National Tax Liaison Committee and various subcommittees and a member of the Law Council of Australia Business Law tax committee. He is also involved in the EY global Tax Policy Services network which has had significant focus on Base Erosion and Profit shifting in the last year. Tony is a member of the Treasury Special Reference Group relating to its scoping paper dealing with the Risks to Sustainability of the Corporate Tax Base. - Current at 14 August 2013
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Ian Scott CTA
Ian is the Ernst & Young Transaction Tax joint practice leader for Oceania. Ian has over 15 years experience in providing Australian and international corporate taxation advice, with a focus on large-scale due diligence and merger and acquisition activity. Ian advises several high-profile multi-national companies on multi-jurisdictional acquisitions, corporate actions and cross-border financing transactions. He also advises several privately-owned high net wealth enterprises and has been a key adviser on many tax due diligence and tax structuring team engagements for large Australian domestic and international enterprises - Current at 17 February 2011
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