Original article by Tom McIlroy, Michael Smith
The Australian Financial Review – Page: 4 : 4-Oct-18
Tax experts are concerned about the federal government’s proposal to abolish the capital gains tax exemption for expatriates who sell their main residence in Australia. They have warned that the proposed reforms could potentially apply retrospectively from 1985, when CGT was introduced. Shadow treasurer Chris Bowen has also expressed concern about the "unintended consequences" of the proposed reforms, which were announced in the May 2017 Budget as part of the government’s strategy to address the issue of housing affordability.
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, CENTRE ALLIANCE, ST JAMES’S PLACE WEALTH MANAGEMENT, KING AND WOOD MALLESONS, THE HONG KONG GENERAL CHAMBER OF COMMERCE