Key Documents
The Assistant Treasurer, the Hon David Bradbury MP, released for public consultation the exposure draft legislation and draft explanatory material for the removal of the capital gains tax discount for non-resident individuals.
On 8 May 2012, through a joint press release the Deputy Prime Minister and Treasurer, and the Assistant Treasurer announced that the Government will remove the 50 per cent discount on capital gains earned after Budget night by non-residents on taxable Australian property, such as real estate and mining assets.
Non-resident individuals will still be entitled to a discount on capital gains accrued prior to Budget night (after offsetting any capital losses), provided they choose to market value the asset as at 8 May 2012.
This measure was included in Tax Laws Amendment (2013 Measures No. 2) Bill 2013, which was introduced into Parliament on 29 May 2013.