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Removal of CGT discount for foreign residents - how will it work exactly?

Publication date: 18 May 12 | Source: WEEKLY TAX BULLETIN

Issue: Issue 21, 18 May 2012

Abstract:

The removal of the 50% CGT discount for foreign residents announced in the 2012-13 Federal Budget may well raise a hornets nest of issues - both for taxpayers, advisers and administrators alike.

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Author profiles

Prof Gordon Cooper
Gordon was a Chartered Accountant in sole practice at Cooper & Co. He was an Adjunct Professor in the School of Taxation and Business Law (incorporating the Australian School of Taxation) at the University of New South Wales. In June 2003, he was awarded an AM in the Queen’s birthday honours for “Services to the tax profession and to the community as an adviser on national taxation and legislative reform, and through education and professional organisations”. Together with Chris Evans and Kirk Wilson, he was an author of the Australian CGT Handbook. - Current at 27 June 2017
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Kirk Wilson
An acknowledged commentator with over 20 years experience in the tax profession, Kirk specialises in CGT and has written extensively on the topic as a Senior Tax Writer for Thomson Reuters. Much of his focus is on the CGT main residence exemption. Kirk has an Arts Law degree, and is a solicitor of the Supreme Court of NSW. - Current at 25 November 2008
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