Australia aims to increase its capital gains tax rate and expand its asset rules on foreign residents by next year.
Australia’s Treasury started two separate consultations Tuesday to enhance its capital gains tax regime. The first consultation asks for feedback on increasing the capital gains withholding rate from 12.5% to 15% on foreign residents selling property from Jan. 1, 2025. It also proposes removing its A$750,000 ($496,950) transaction threshold.
The second consultation asks for feedback on broadening the capital gains tax regime by July 1, 2025, to target foreign residents selling assets ...
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