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Major positive changes introduced re CGT and foreign residents.

Publication date: 30 Aug 06 | Source: INTERNATIONAL TAX BULLETIN

Issue: No. 2 2006

Pages: pp.43-46

Abstract:
The Government has introduced Tax Laws Amendment (2006 Measures No. 4) Bill 2006. Among other things, the Bill implements measures previously announced to change the rules for the taxation of gains and losses of foreign residents on CGT assets. This measure will replace the current rules for taxing assets with the "necessary connection with Australia".

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Author profiles

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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Alfonso Capito
Alf is a Senior Tax Partner and head of Ernst & Young’s Tax Policy Group. He has more than 20 years’ experience, with a focus on international tax. Alf has been closely involved in the reform of Australia’s international tax regime and is a regular presenter and commentator on tax issues, including co-authoring the White Paper prepared by the Business Council of Australia, which was used as a basis for the Australian Government’s Review of International Tax Arrangements. Alf was also a member of the Australian Financial Centre Task Force and an adviser to the Business Tax Working Group and continues to be involved in tax policy and design reforms impacting corporate Australia. - Current at 07 October 2014
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