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Update to ATO Foreign Resident Capital Gains Tax Withholding Measure

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Australian Institute of Conveyancers

Level 1

551 King Street

West Melbourne, Victoria 3000

Australia

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FRCGT Withhodling Changes:

It was announced in the 2017 Budget that the FRCGW tax threshold for the market value of taxable Australian real property transactions would be reduced from $2M to $750K, and the withholding amount increased to 12.5% for contracts signed on or after July 1, 2017.

This means all property transactions over $750K will now be captured.

A Clearance certificate to prove Australian residency for tax purposes will prevent the purchaser withholding the tax at settlement for remmittance to the ATO,

Capital Gains Tax Exemption Changes:

From Budget night foreign and temporary tax residents will no longer be able to claim the main residence CGT exemption when they sell property in Australia

Property held by foreign and temporary tax residents on Budget night can claim the exemption until 30 June 2019

Presenter:

Laurence Scarborough CGT Risk Manager from the Australian Taxation Office.


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Australian Institute of Conveyancers

Level 1

551 King Street

West Melbourne, Victoria 3000

Australia

View Map

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