OrbitaxATO Publishes Guidance on Capital Gains Tax Changes to the Principal Asset Test
|Approved Changes|Australia
The Australian Taxation Office (ATO) has published guidance on capital gains tax changes to the principal asset test.
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Capital gains tax changes to the principal asset test
On 9 May 2017 the Government announced that it would modify Australia's foreign resident capital gain tax (CGT) regime. This change will improve the integrity of the regime by applying the principal asset test on an associate inclusive basis from 7.30pm (AEST) on 9 May 2017, for foreign tax residents with indirect in…