Just spoke to my tax accountant. They did non know about this until it was announced. They also increased the tax payable from 28.5% to 32.5% next year it goes to 35%. They obviously do not think that foreign investment is required in Australia. I think they have also increased the withholding tax on dividends.
I'm now in the process of starting to sell the rest of my Australian portfolio and moving everything off shore.
Got to love the labour economic mind!
