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Foreign residents - CGT and stamp duty paper

Published on 21 Sep 06 by VICTORIAN DIVISION, THE TAX INSTITUTE

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.

Author profiles:

Tony O'Reilly
Tony is a Senior Manager in Corporate Tax at KPMG. Tony has significant experience in the provision of corporate tax advisory services in the financial services industry and has advised numerous large Australian and publicly listed companies. Tony also assists with the tax review on major audit clients. Tony joined KPMG as a graduate in February 1996. Current at 28 August 2006
 
Adalene PANDELI
Adalene joined KPMG in 1998 and is currently a Senior Manager in KPMG's Corporate Tax. Adalene has experience in assisting both in-bound and out-bound multi-national corporate groups with a broad range of international tax issues. Adalene has practical experience in assisting nonresident clients in assessing the potential application of the proposed non-resident CGT rules.
Current at 29 August 2006
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Robert PARKER
Rob is a Director in KPMG’s indirect tax group in Melbourne, specialising in stamp duties, GST and land taxes. Rob commenced practice as a lawyer in 1989 and worked for 14 years in leading Australian law firms and as in house counsel at a major Australian bank, before joining KPMG in 2004. Rob has provided stamp duty advice on all types of commercial transactions, including mergers and acquisitions, takeovers, corporate reconstructions, business acquisitions and structured financing transactions, as well as managing state revenue audits and reviews on behalf of clients.
Current at October 2006
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