The federal government’s legislation to remove the capital gains tax (CGT) exemption for expatriates who sell their main residence while living overseas has been passed by the House of Representatives after Labor agreed to back the bill. The bill is now likely to be put to the Senate before parliament rises for the year. The reform, which is likely to take effect in mid-2020, is expected to affect up to 100,000 Australians who have been foreign tax residents for more than six years:
Tax expert Robyn Jacobson has campaigned against the plan.
She said the practical effect was a retrospective denial of the exemption as far back as the start of CGT in September 1985…
