Key Documents
As part of the 2023–24 Mid-Year Economic and Fiscal Outlook, the government announced a measure to increase the integrity of the foreign resident capital gains withholding (FRCGW) regime.
This measure increases the FRCGW rate for relevant CGT assets from 12.5 per cent to 15 per cent and removes the current $750,000 threshold before which withholding applies for transactions involving either taxable Australian real property or an indirect Australian real property interest that provides company title interests.
These changes will apply to acquisitions of relevant CGT assets made on or after the later of 1 January 2025 and the commencement of this measure.
The government is seeking stakeholders’ views on the effectiveness of the exposure draft legislation and accompanying explanatory material implementing this measure.
Responding
You can submit responses to this consultation up until 05 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