Australia Tax Agency Clarifies CGT Exemption Rules for Nonresidents

The Australian Taxation Office Sept. 13 clarified the capital gains tax (CGT) treatment of nonresident sales of property. The clarification includes: 1) the requirement that nonresidents satisfy the life events test in order to claim the CGT exemption for property sales occurring after June 30, 2020; 2) the conditions for applying a 50 percent CGT discount for nonresidents sales of property acquired on or before May 8, 2012; and 3) the calculation method for qualifying pro rata CGT discounts. [Australia, Australian Taxation Office, 09/13/22]

Reference: View Index. View Clarification.