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Foreign Residents - CGT and Stamp Duty

Published on 21 Sep 2006 | Took place at RACV Club, Melbourne , VIC

On 22 June 2006 the Government introduced a raft of amendments that will completely transform Australian CGT outcomes for many non-residents. Tax Laws Amendment (2006 Measures No 4) Bill 2006 will replace the broad list of Australian assets subject to CGT in the hands of a nonresident with a narrow focus on the disposal of interests in Australian real property and Australian permanent establishment assets. It will also introduce a form of tracing to look through interposed entities to underlying Australian real property. This aspect of the new rules resembles the stamp duty regime for land rich trusts and companies.

Individual sessions

Foreign residents - CGT and stamp duty

Author(s):  Adalene PANDELI,  Robert PARKER,  Tony O'REILLY This paper provides tax practitioners with technical and practical information on the proposed Tax Laws Amendment (2006 Measures No 4) Bill 2006. It also provides an overview of the land rich regimes in force in the States and Territories and draws comparisons between those regimes and the new CGT rules. There are currently specific measures that deal with CGT for foreign residents that own assets through fixed trusts. This paper also considers the technical and practical issues in relation to the impact of the proposed measures in respect of distributions from fixed trusts and provide comparisons with the existing rules.

Materials from this session: