Key Documents
The government announced a measure in the 2024–25 Budget to strengthen the foreign resident capital gains tax regime. This measure comprises 3 complementary elements to ensure that Australia can tax foreign residents on direct and indirect disposals of assets with a close economic connection to Australian land and natural resources.
The measure will also improve certainty for foreign investors on their Australian tax outcomes, by aligning Australia’s tax law more closely with the Organisation for Economic Co-operation and Development’s Model Tax Convention on Income and on Capital. The measure also aligns the treatment for non-residents more closely with the tax treatment that already applies to Australian residents.
The amendments apply to capital gains tax events commencing on or after 1 July 2025.
This consultation paper is seeking stakeholder views on specific implementation details of the Budget announcement. Following consideration of responses to this consultation paper, the government will issue and consult further on exposure draft legislation prior to introducing any legislation into parliament.
Responding
You can submit responses to this consultation up until 20 August 2024. Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
View our submission guidelines for further information.
How To Respond
Post
Address written submissions to:
Corporate and International Tax Division
Treasury
Langton Cres
Parkes ACT 2600