Australian CGT Changes
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Australian CGT Changes
Australian CGT Changes
Copied from the Qrewroom.
I found this in Michael Matusik's newsletter (property guy in Qld)
Just take a look at what Wayne Swan has buried deep in the 2012 Australian federal budget:
The Government will remove the 50% capital gains tax (CGT) discount for non-residents on capital gains accrued after 7.30 pm (AEST) on 8 May 2012. The CGT discount will remain available for capital gains accrued prior to this time where non-residents choose to obtain a market valuation of assets as at 8 May 2012.”
This statement will have great impact on the amount of property bought (and held) by Australian expatriates and other tax non-residents.
The 50% CGTdiscount has previously been available where individuals have held assets for longer than 12 months. The government now intends to withdraw this discount for non-residents, and honour the discount in relation to any existing accrued capital gains ONLY if the non-resident obtains a market valuation for the asset as at May 8, 2012.
We join those few yet to pick up on this change to inform any expatriates and offshore investors with investment properties here in Australia that they need to obtain a market valuation as soon as possible. Failure to do so could be extremely expensive.
And thanks for the heads up Wayne – we got heaps of notice on this one. Many expatriates and offshore investors may (will, more likely) not hear about this change until too late.
Copied from the Qrewroom.
I found this in Michael Matusik's newsletter (property guy in Qld)
Just take a look at what Wayne Swan has buried deep in the 2012 Australian federal budget:
The Government will remove the 50% capital gains tax (CGT) discount for non-residents on capital gains accrued after 7.30 pm (AEST) on 8 May 2012. The CGT discount will remain available for capital gains accrued prior to this time where non-residents choose to obtain a market valuation of assets as at 8 May 2012.”
This statement will have great impact on the amount of property bought (and held) by Australian expatriates and other tax non-residents.
The 50% CGTdiscount has previously been available where individuals have held assets for longer than 12 months. The government now intends to withdraw this discount for non-residents, and honour the discount in relation to any existing accrued capital gains ONLY if the non-resident obtains a market valuation for the asset as at May 8, 2012.
We join those few yet to pick up on this change to inform any expatriates and offshore investors with investment properties here in Australia that they need to obtain a market valuation as soon as possible. Failure to do so could be extremely expensive.
And thanks for the heads up Wayne – we got heaps of notice on this one. Many expatriates and offshore investors may (will, more likely) not hear about this change until too late.
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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!
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!
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this is discraceful and just typical of the dickheads running the place. But, we hope, not for much longer. Tax it hard and tax it often is the Labour policy to pay for all the other ******** announcments they have made over the period of thier tenure. Cash for clunkers, Insulation Batts, Baby bonus, Carbon tax, water tax, Cash back ($1000), The list goes on and on. Just as it did during the previous labour term. What morons out there keep voting Labour. I note the Pollies haven't put a dent into thier investment funds, Travel perks, Office and other allowances but wo betide you who works, yes works to try and eck out a living, and dare you consider retirement, EVER. I predict the Super we have all squirelled away will be worth naught come time to get it. Malcom Fraser had it right when he famously said "hide your money under the bed"
I have written many letters recently to politicians back home voicing my disgust, and I can see another one brewing. I urge others to do the same. If nothing it certainly leaves me with a warm fuzzy to vent.
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I have written to Joooliar Gizzards office directly, via the Secretary to the Prime Minster, as well as State Federal members, and Local members. Ive been damn fired up lately and voicing my disgust pretty freely. Pity I think I'm one of only a few that bothers.
Coal Seam Gas, Lack of Vision, chinese ownership of australian Farms, Lack of Vision, Taxing Aussies to Death, you name it. I note this morning that Australia has oppened the doors to Chinese Investors to come into the country by lifting some of the 'hurdles' to encourage further buisiness. Pity they couldn't look after those born in the country, who have invested in thier home land by buying an Investment Property, and despite pursuing work overseas in order to further themselves, now have the incentive removed visavi the 50% Capital Gains exemption. GGGRRRRRRRRR I'm as mad as hell and I'm not going to take it anymore.
Coal Seam Gas, Lack of Vision, chinese ownership of australian Farms, Lack of Vision, Taxing Aussies to Death, you name it. I note this morning that Australia has oppened the doors to Chinese Investors to come into the country by lifting some of the 'hurdles' to encourage further buisiness. Pity they couldn't look after those born in the country, who have invested in thier home land by buying an Investment Property, and despite pursuing work overseas in order to further themselves, now have the incentive removed visavi the 50% Capital Gains exemption. GGGRRRRRRRRR I'm as mad as hell and I'm not going to take it anymore.
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If I was any more with you Bigbro, we'd be Siamese twins.
Labour have always leaned toward socialism but these dikheads are taking it to another level.
Having said that, it's still 10 times better than living in a gas chamber
Labour have always leaned toward socialism but these dikheads are taking it to another level.
Having said that, it's still 10 times better than living in a gas chamber
