19 Nov 08 Foreign residents' attempts to avoid CGT - 2 Taxpayer AlertsOn 18 November 2008, the ATO issued the following 2 Taxpayer Alerts:
- TA 2008/19: Foreign residents attempting to avoid Australian capital gains tax by certain "staggered sell down" arrangements
In a media release issued on the same day, the Commissioner, Michael D’Ascenzo, announced the release of the two taxpayer alerts, which warn foreign residents selling indirect holdings in Australian real property about arrangements that attempt to avoid Australian CGT. The alerts cover arrangements that attempt to circumvent indirect holding rules through staggered sell down arrangements and manipulation of the value of assets.
“The Tax Office closely monitors disposals of real property by foreign residents using information from Australia and overseas agencies and has identified several suspect arrangements that attempt to avoid capital gains tax,” Mr D’Ascenzo said.
For a copy of the ATO media release, No 2008/57, 18 November 2008, go here.