The measure, announced in 2017, proposes to deny non-residents the CGT main residence exemption for CGT events that happen on or after 9 May 2017, subject to a 30 June 2019 transitional rule.
First introduced in the budget as a measure to reduce pressure on housing affordability, the bill has been extensively delayed after facing considerable backlash from the tax and expat community.
Facing questions at the Tax Institute’s National Convention, Mr Robert was asked about the progress of an unrelated testamentary trust measure, to which he replied, “sometimes things get announced and don’t get progressed and it’s just best to leave it that way”.for the government to consider amendments, delay the bill, or abandon it completely, said the government should now act on Mr Robert’s comments and drop the bill.
There are now calls for the government to consider amendments, delay the bill, or abandon it completely.
It still doesn’t provide us with certainty, but it provides maybe a glimmer of hope that the government is realising there are problems with this bill.
