Capital Gains Tax and Overseas Residents

Recent changes to the Capital Gains Tax 50% discount regulations mean that Australian residents who have lived overseas or foreign or temporary residents in Australia need to take particular care when calculating any Capital Gains Tax payments that need to be made on any CGT event which occurs after the 8 May 2012. This includes individuals in their own capacity or as beneficiaries of trusts or partners in a partnership. CGT events that occur post 8 May 2012 have new criteria to apply as to whether the 50% CGT discount is available and those criteria include whether there have been periods of residency outside of Australia.

Aylward Game Solicitors

Contact