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08 Aug 13 Changes to the CGT discount for non-residents

The ATO has asked us to advise members of the following:

"The Tax Law Amendment (2013 Measures No 2) Act 2013 (Act No.124 of 2013) received Royal Assent on 29 June 2013.
The legislation amends the Income Tax Assessment Act 1997 and the application of the CGT discount.
The CGT discount, previously known as the CGT 50% discount, was available to foreign resident individuals who had a capital gain, for example from the sale of investment property.
From 8 May 2012, individuals, including beneficiaries of a trust and partners in a partnership, who are:

  • foreign or temporary residents, or
  • Australian residents with a period of foreign residency

 may no longer receive the full CGT discount on a capital gain. 
For CGT events that occur after 8 May 2012, a CGT discount is dependant on certain criteria, which can include:

  • whether the CGT asset was held before or after 8 May 2012
  • the number of days foreign residents had a period of Australian residency
  • number of days Australian residents had a period of foreign residency

 A CGT discount worksheet is available to help individuals determine their eligibility and calculate the CGT discount they can apply to their capital gain.
For more information refer to Capital gains tax (CGT) discount for foreign resident individuals."


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