Important change on Australian CGT for expats

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Jan 2nd 2020, 6:36 am

Pollyana

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Important change on Australian CGT for expats

Thousands of Australian expats face tax slug under changes to CGT main residence exemption

Australian property owners living overseas have until the end of June to sell their homes if they want to avoid big capital gains tax bills. For decades, Australians living abroad have been able to claim the capital gains tax (CGT) exemption on the family home. This exemption was available so long as the home was rented out for no more than six years at a time. But in early December the Federal Government finally passed through the Senate its $581 million plan to change CGT arrangements for people living overseas. The law basically eliminates the CGT exemption for Australian expatriates that has been in place since September 20, 1985.

Last edited by Pollyana; Jan 2nd 2020 at 6:39 am.