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The government is strengthening the foreign resident capital gains tax (CGT) regime to assist in the collection of foreign residents’ CGT liabilities. New rules will soon apply to sales of taxable Australian property with a market value of $2 million or above.
A 10% non-final withholding tax will be incurred for all contracts entered into on or after 1 July 2016.
If you are selling such property, you will need to obtain a clearance certificate from the ATO prior to settlement to avoid the 10% non-final withholding tax.
The ATO will release detailed guidance and frequently asked questions in the coming weeks.
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