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Legislation would abolish capital gains tax for nonresidents.

Publication date: 26 Jul 06 | Source: TAX NOTES INTERNATIONAL

Issue: Vol. 43 no. 3 2006

Pages: pp.203-204

Abstract:

Draft elgislation abolishing the Australian nonresident capital gains tax for most foreign investors has been submitted to the Australian Parliament. Under the proposed rules, a capital gain or loss made by a foreign resident would be subject to CGT only if it relates to assets that are "taxable Australian property".

Currently, nonresidents are taxed on a broad range of Australian assets, including shares in private companies and interests in trusts.

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Author profiles

Craig SAUNDERS
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Steven Gafinowitz CTA
Larry of Ernst & Young is a Tax Partner in the Sydney office. He has over 20 year’s experience in the field of Australian tax, specialising in the financial services industry. Larry has advised Australian multinational companies, banks, private equity funds and hedge funds extensively on structuring investments in Australia and overseas and on cross-border transactions (including tax-effective financing and cash repatriation strategies). In addition, Larry also has significant M&A experience in the manufacturing, health care, retail and telecommunications industries. - Current at 26 September 2007
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Paul Korganow
Photo of author, Paul KORGANOW Paul Korganow, ATI, is the ATO Assistant Commissioner for the International Tax Structuring/BEPS Practice, Public Groups and International. Paul leads an International Tax Structuring team based in Melbourne and Sydney. He is also involved in strategy development and contribution to domestic and multilateral law reform around BEPS. Paul is the ATO Project Lead for BEPS Action 2, the Australian ATO representative at OECD Working Party 11 and represented the ATO on the Board of Taxation Working Group looking at the domestic implementation of the OECD Anti-Hybrid Rules. Paul was previously a Partner at two Big 4 firms in their International Tax and M&A groups. - Current at 16 February 2018
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Joseph Niven
Joseph Niven, FTI, is an Executive Director in the Merger Leadership Group of Goldman Sachs. Joe has nearly 20 years experience advising on M&A in Australia and overseas. During the last six years at Goldman Sachs Joe has advised many of the S&P/ASX 200 companies on M&A. Prior to joining Goldman Sachs, Joe was an international tax and M&A partner in a big four firm and led that firm's Australian and Asia Pacific Energy & Resources practice. - Current at 15 October 2012