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CGT for non-residents paper

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Published on 24 May 07 by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE

The changes to capital gains tax for foreign residents narrows the range of assets on which a foreign resident is subject to Australian CGT. This paper covers:

  • the types of assets on which a foreign resident may be liable to Australian CGT
  • the circumstances that must exist before an interest held by a foreign resident in those assets will come within Australia’s CGT regime
  • the integrity measures introduced to ensure that CGT will nonetheless apply to certain non-portfolio interests in interposed entities
  • tricks and traps of the new measures.

Author profile

Vanessa Priest FTI
Photo of author, Vanessa PRIEST Vanessa Priest, FTI, of SW Accountants & Advisers has more than 25 years’ experience as a tax specialist and has a particular interest in the tax and succession issues faced by privately owned enterprises and family groups. She has extensive knowledge in areas such as tax structuring, cross border issues, asset acquisitions and divestments, and tax issues arising for trusts. She has written and presented many papers for key professional associations, such as The Tax Institute, the Institute of Chartered Accountants in Australia, the Television Education Network, and Company Secretaries of Australia. Vanessa was a partner at Deloitte Private and prior to that was a partner at BDO and Crowe Horwath. Vanessa is a Chartered Accountant and has degrees in Teaching, Commerce (majoring in Accounting and Economics) and a Masters in Tax Law. She is a Fellow of the Taxation Institute of Australia, a member of Tax Discussion Group No. 14 and the Challis Group. She is currently a member of the State Council for The Tax Institute. - Current at 07 June 2024
Click here to expand/collapse more articles by Vanessa PRIEST.

 

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