Non-resident CGT main residence exemption changes now law

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The legislative amendments to remove the CGT main residence exemption for non-residents are now law.

The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 received assent as Act No 129 of 2019.

The measure denies the main residence exemption to non-residents except in certain circumstances, such as terminal illness, death or divorce, where they occur within six years of the individual becoming a non-resident.

The measure generally applies to CGT events occurring on or after 9 May 2017, with transitional rules for dwellings sold on or before 30 June 2020.

Source: www.aph.gov.au

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