It has been 2 years since legislation was introduced removing the 50% CGT discount for foreign and temporary residents. While the principles underlying the new measures appear straightforward, applying them can be complex and may deliver unintended consequences, resulting in significant additional compliance costs.
This event provided an overview of how the new measures operate, identify issues taxpayers should consider and provide some suggestions on how taxpayers can mitigate the risk of any unwanted tax outcomes. The event specifically addresses how the rules apply to foreign or temporary residents who own an interest in taxable Australian property through trusts.