Chartered Accountants ANZ has made a last ditch appeal to Treasurer Josh Frydenberg to amend a Bill currently before Parliament which would retrospectively hinder the ability of Australian expat workers to access the main residence exemption in the capital gains tax rules. In conjunction with CPA Australia and the Society of Trust and Estate Practitioners Australia, we have again outlined to Government the unfair outcomes which may result if the Bill is enacted in its current form.
Broadly, these outcomes arise where:
- An Australian expat sells the Australian home whilst working overseas in circumstances where, for tax purposes, they are a non-resident of Australia
- The Australian expat dies and the home passes to the estate
We first raised out concerns when this Bill was released in exposure draft form (see our submission below).
Read our latest representations to the Treasurer below.