Tax treatment of capital gains
The ATO’s recently released interpretation of the tax treatment of capital gains distributed by an Australian discretionary trust to non-resident beneficiaries will have a significant negative impact for some.
Main residence exemption removed for non-residents
Main residence exemption removed for non-residents The Federal Budget announced that non-residents will no longer be able to access the main residence exemption for Capital Gains Tax (CGT) purposes from 9 May 2017 (Budget night). Now that the draft legislation has been released, more details are available about how this exclusion will work. Under the…
Further restrictions on foreign property investors
We have seen a number of measures over the years restricting access to tax concessions for foreign investors, particularly for residential property investments. The recent Federal Budget goes one step further, restricting access to tax concessions, increasing taxes, and penalising investors who leave property vacant. Measures include: Charge for leaving properties vacant Foreign owners of…
Super Reform: What SMSFs absolutely need to consider before 30 June
Wide-ranging super reforms come into effect on 1 July 2017 With the changes come a series of issues that Trustees need to be across, even if they don’t immediately affect you or your fund: Understand the value of assets at 30 June At 30 June 2017, SMSF Trustees will need to know the total superannuation…