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CGT Problem for Expats Repealed

Hidden in the Capital Gains Tax Reform Legislation passed through Parliament was an obscure law that effectively stopped any person in Australia that owned an asset (property or shares) from any inflation tax free entitlement if they lived overseas after 1st July 2027 at any time they owned the asset.
CGT Problem for Expats Repealed

Hidden in the Capital Gains Tax Reform Legislation passed through Parliament was an obscure law that effectively stopped any person in Australia that owned an asset (property or shares) from any inflation tax free entitlement if they lived overseas after 1st July 2027 at any time they owned the asset.

This would have been grossly unfair for any Australian or migrant that had innocently remain overseas or left for an expatriate assignment any time in their life.

I am pleased to report that the latest amendments being presented to Parliament will fully repeal that section and remove the worry.

Instead, tax free indexation will be available on a pro-rata basis matching the current tax rules that exclude the old CGT discount from the period an asset is held while the owner was overseas after May 2012 when the Labour Government changed the rules previously.

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