Expats with Aussie IPs

[jerky]

Thanks Kristaje for the links. Wish I had been following this thread. missed the window to show my concern on the Treasury website. So I guess for now its watch this space...

 

[kristaje]

you're most welcome, Jerky. sorry, just noticed your post now, have not been visiting SS recently.

Does anyone knows if the CGT changes was formalised in the recent budget? I couldn't find anything about it in sydney morning herald.

 

[Ed Barton]

you're most welcome, Jerky. sorry, just noticed your post now, have not been visiting SS recently.

Does anyone knows if the CGT changes was formalised in the recent budget? I couldn't find anything about it in sydney morning herald.

What CGT changes? I haven't heard a whimper of changes to CGT. Certainly haven't seen any in the budget reporting

 

[kristaje]

it's the 50% cgt discount removal for the non-residents (for tax purposes). it was proposed in 2012 budget, then treasure invited comments on the draft legislation sometimes ago, i wonder if anything is said/decided about it in 2013 budget.

 

[jerky]

I found this relating to property in the 2013 budget:

"-revamping the foreign resident capital gains tax regime to ensure indirect Australian real property interests are taxable if disposed of by a foreign resident, saving $219.2 million over four years. And from July 2016, imposing a 10 per cent withholding tax to foreigners disposing certain Australian property costs."

:confu

 

[kristaje]

I found this relating to property in the 2013 budget:

"-revamping the foreign resident capital gains tax regime to ensure indirect Australian real property interests are taxable if disposed of by a foreign resident, saving $219.2 million over four years. And from July 2016, imposing a 10 per cent withholding tax to foreigners disposing certain Australian property costs."

:confu

thanks Jerky!

haha, as confused here and wonder why they put the word 'indirect' there, i always thought the proposed cgt changes was more for direct investment in property instead?

 

[Rob G.]

thanks Jerky!

haha, as confused here and wonder why they put the word 'indirect' there, i always thought the proposed cgt changes was more for direct investment in property instead?

Non-resident holding non-portfolio (>10%) interest in an entity mainly holding taxable Australian property.

Shares, units, options, influence.

Cheers,

Rob

 

[kristaje]

Non-resident holding non-portfolio (>10%) interest in an entity mainly holding taxable Australian property.

Shares, units, options, influence.

Cheers,

Rob

Hi Rob,

I wonder why they specifically mentioned the word 'indirect'? Does it mean that the cgt changes will only go ahead for indirect properties and will not affect any direct investment in property?