The federal government announced in the 2017 Budget that it would remove a capital gains tax (CGT) exemption for around 100,000 expatriate Australians who sell their main residence while overseas. While the measure was projected to raise $581 million over the forward estimates, it was condemned by tax and legal experts as being “unjustifiably bad policy” that would discourage Australians who are thinking of going overseas to work.
In March 2019, the Morrison Government reportedly abandoned the policy, according to The AFR. However, it was reincarnated late last year.
Now, expats living overseas are reportedly rushing to sell their homes before the new CGT regime comes into effect on 1 July:
