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Practitioners beware – CGT threshold $750,000 from 1 July 20179 June, 2017
In mid 2016 LPLC published three bulletins about the foreign residents capital gains withholding payments regime.
All three bulletins are currently being amended to take into account the changes introduced in the Federal budget on 9 May 2017.
The amended bulletins will be published once the amendments are law. You can find all LPLC bulletins here.
The amending legislation is the Treasury Laws Amendment (Foreign Resident Capital Gains Withholding Payments) Bill 2017. You can find information about the Bill, including the readings speeches here.
The two amendments to the existing regime are:
- lowering the threshold to $750,000 (previously $2M); and
- increasing the withholding amount to 12.5 per cent (previously 10 per cent).
According to the Bill the amendments will apply to acquisitions made on and after 1 July 2017.