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Capital Gains Tax changes for foreign residents

The 50% CGT discount no longer applies to foreign residents who make a capital gain on taxable Australian property. This change became law on 29 June 2013.

Foreign or temporary resident individuals must meet certain eligibility conditions to apply the CGT discount. From 8 May 2012, the application of the 50% CGT discount will depend on:

  • Whether the CGT asset was held before or after 8 May 2012, and
  • The residency status of the individual who has the capital gain, namely:
    • Foreign or temporary residents
    • Australian residents with a period of foreign residency after 8 May 2012

The ATO has a CGT discount worksheet to help affected people work out their CGT discount percentage.

You can read more about the changes on the ATO website.

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