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Main Residence Exemption and Foreigners

Individuals who are foreign residents at the time a CGT event occurs to a dwelling (or for a compulsory acquisition a part of a dwelling) in which they have an ownership interest are not entitled to the CGT main residence exemption. The Bill making this change is before the Parliament (Treasury Laws Amendment (Reducing Pressure […]

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New Residential Property and the prepayment of GST (10% or 7%)

The Bill introducing the “GST withholding” on new residential property is here. You can find it in Schedule 5 of the Treasury Laws Amendment (2018 Measures No. 1) Bill 2018. In summary… Where an entity (the supplier) makes a taxable supply of new residential premises or a subdivision of potential residential land by way of […]

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SBCGT changes…

In the May budget there were some changes announced that relate to our favourite CGT concession, the Small Business CGT Concessions in Division 152. At the time I had no idea what these changes would be but now we know. The Government has released draft legislation to make these changes and they are designed to […]