Original article by Ingrid Fuary-Wagner, Tom McIlroy
The Australian Financial Review – Page: 6 : 25-Feb-19
The federal government announced in the May 2017 Budget that it would remove a capital gains tax exemption for non-resident Australians who sell their main home while overseas. The government has given non-resident Australians until 30 June to sell their home under existing rules, although legislation to enact the measure is yet to pass into law, while Labor has indicated that it may amend the measures if it wins the 2019 election. Expatriates are in a dilemma, not knowing whether the new laws will come into effect, but many are selling their property anyway, at a time when the housing market is in decline.
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF FINANCE, SOTHEBY’S AUSTRALIA PTY LTD