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25 July 2024
Consultation has commenced on the Government’s proposals to amend the capital gains tax (CGT) rules which apply to foreign residents. This includes a consultation paper which addresses the 2024-25 Federal Budget proposal to strengthen the rules as well as draft law to give effect to the 2023-24 Mid-Year Economic and Fiscal Outlook proposal to increase the foreign resident capital gains withholding (FRCGW) tax rate and reduce the withholding threshold that currently applies to real property interests.
If you would like to further discuss this alert, reach out to our team or your PwC adviser.
Christina Sahyoun
Luke Bugden
Partner, NSW Tax & Legal Site Leader – Infrastructure & Deals Tax, Sydney, PwC Australia
+61 412 695 670
Glenn O'Connell
Mark Edmonds
Kirsten Arblaster
Steve Ford
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