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Articles and legal news from the Atkinson Vinden Team.

A Notice to all of our Australian Non-Resident Clients

News & Updates

The Federal Government announced in the recent Budget that it will remove the 50% Capital Gains Tax discount for non-residents for all Capital Gains accrued from 7:30am, 8 May 2012. The discount (where applicable) may still be obtained on any gains accrued prior to that time, so long as the non-resident obtains a market valuation of the capital assets as at that date.

There are quite specific rules on such valuations, and we recommend that you use a reputable valuer to prepare the valuations in the required form. Given the difficulties in valuations prepared “after the fact”, those valuations should be obtained sooner than later, and held for use on the ultimate disposal of the asset, even if that is quite some time in the future.