Australia Moves to Tighten Foreign Resident Capital Gains Tax

Foreign residents in Australia would face higher taxes on sales of large assets under a bill expanding the capital gains tax base for overseas investors, the government said Friday.

The proposed bill would clarify and broaden the foreign resident capital gains tax base and increase compliance by requiring that the tax office be notified of asset disposals of A$50 million ($35 million) or more, it said in an accompanying memorandum.

Taxing foreign residents on gains from direct and indirect disposals of assets that have a close economic connection to Australian land and natural resources would end longstanding uncertainty about ...