11 Mar 13 Consultation on removing CGT discount for non-resident individuals
In media release No 2013/029, issued 8 March 2013, the Assistant Treasurer and Minister Assisting for Deregulation, David Bradbury, announced the release for public consultation of exposure draft legislation and explanatory materials to remove the CGT discount for non-resident individuals on taxable Australian property, such as real estate and mining assets.
The exposure draft legislation will implement the Government's decision to remove the discount as announced in the 2012-13 Budget.
Non-residents will be entitled to a discount on capital gains accrued prior to 8 May 2012 (after offsetting any capital losses), provided they choose to value the asset as at that day.
Consultation will close on 5 April 2013.