Government drops retrospective foreign investor tax changes after industry backlash
The Federal Government has scrapped the most controversial aspect of its proposed foreign resident capital gains tax reforms.
The government says it is reforming the foreign resident capital gains tax (CGT) rules to ensure foreign residents pay their fair share of tax in Australia. (Image source: BrianScantlebury/Shutterstock.com)
The Federal Government has backed away from one of the most controversial elements of its proposed overhaul of Australia’s foreign resident capital gains tax (CGT) regime, abandoning plans to retrospectively apply the expanded rules to transactions dating back almost 20 years.
The change, announced when the legislation was introduced into Federal Parliament, follows widespread criticism from tax professionals, legal experts and industry bodies, w…
