The Federal Government has passed legislation to limit the circumstances in which the CGT main residence concession is available to foreign residents, with potentially serious implications for many individuals.
Despite protectionism being on the rise in recent times, the world remains relatively globalised with people choosing to live overseas on a short-term basis, or potentially longer. For Australians who become US residents, a major challenge that often arises is how to handle the tax treatment of a change in residency. From your residency status to buying gifts, there are some key things you need to consider to ensure you meet your tax obligations in the US and Australia.
The Commissioner of Taxation has provided Pitcher Partners the opportunity to comment on two Draft Taxation Determinations (TD 2019/D6 and TD 2019/D7). The full submission is available below.
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