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The new foreign resident CGT withholding tax – a cheat sheet

Publication date: 03 Mar 16 | Source: INTAX

Issue: March 2016

Pages: pp. 9-12


- When does the foreign resident CGT withholding tax come into effect?

- Which Australian real estate assets are caught by this WHT?

- What transactions are excluded from this WHT?

- Who is a foreign resident for these purposes?

- Foreign residency safe harbour rules

- TARP and company title interests

- Indirect Australian real property interests and options

- How much WHT does a purchaser have to pay?

- Variation notices

- When does a purchaser have to pay the WHT?

- What are the penalties for a purchaser for failing to withhold?

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Author profile

Dung Lam CTA
Dung Lam, CTA, is a Special Counsel at Coleman Greig Lawyers with more than 20 years’ experience in advising on a wide variety of taxes including income tax, capital gains tax, GST and state taxes such as duty, payroll tax and land tax. Dung also has extensive experience advising on taxation trusts, superannuation issues in the self-managed superannuation funds arena and tax issues related to estate planning. Dung is a Chartered Tax Adviser, full member of the Society of Trusts and Estate Practitioners, an accredited Specialist in Business and Personal Tax with the NSW Law Society, a member of the Business Law Section Taxation Committee of the Law Council of Australia and a member of the NSW Law Society Liaison Committee with the Revenue NSW. Dung advises a broad range of clients ranging from corporates, small to medium enterprises, high net worth individuals, professional firms, accountants, financial planners and their clients. - Current at 31 July 2020
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