Non-residents will be ineligible for capital gains tax concession

The Assistant Treasurer released Exposure Draft Legislation that will make non-resident individuals ineligible for the Capital Gains Tax (CGT) discount in respect of gains from disposal of taxable Australian property with effect from 8 May 2012, when this measure was initially announced.

At present, individuals may be entitled to a 50% reduction, or discount, of their net capital gains in respect of assets held more than a year. Capital gains of non-residents are subject to tax only to t…