Foreign beneficiaries rulings for discretionary trusts

Reminder, it’s time to review your trust deed

If you haven’t already done so, please review your trust deed now to determine whether it needs to be updated.

With changes in rulings around foreign beneficiaries in discretionary trusts owning residential property happening for Victoria at the beginning of this year, and NSW at the end […]

Temporary visa holders: Changed conditions for COVID-19

Changes to temporary visa holder arrangements during COVID-19 crisis

The Department of Home Affairs says measures have been made to protect health and livelihoods of Australians, to support critical industries and boost recovery.

Home Affairs records show that there are 2.17 million temporary visa holders in Australia at present. This includes about 8,000 medical professionals, […]

Foreign resident CGT main residence exemption

ATO treatment of amendments related to foreign resident CGT main residence exemption

The ATO has released details of its administrative treatment of proposed amendments extending Australia’s foreign resident capital gains tax (CGT) regime to deny foreign and temporary tax residents access to the CGT main residence exemption.

Proposed measure

The government had announced that […]

Housing affordability Bill introduced

Foreign resident CGT main residence exemption

The government has introduced Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 to implement capital gains tax (CGT) measures aimed at improving housing affordability, including the removal of the CGT main residence exemption for foreign residents.

These measures were first […]