Australia Treasury Seeks Comments on Bills to Update Foreign Resident Capital Gains Tax Regime

The Australian Treasury April 10 opened a consultation on two bills to update the foreign resident capital gains tax (CGT) regime. The bills include measures to: 1) clarify the impact of state and territory laws on the definition of taxable Australian real property (TARP), back to the regime’s 2006 establishment; 2) expand TARP to include assets with a close economic connection to Australian land or natural resources; 3) amend Indirect Australia Real Property Interests (IARPI) to mean non-portfolio membership interests an entity holds in another entity that passes the principal asset test (PAT) at the point-in-time of testing or any ...