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Australian advice

Removal of Main-Residence Exemption on Australian Homes for Non-Australian Residents - Update

LATEST NEWS: New Main-Residence Exemption Rules for Non-Australian Residents

The draft legislation has gone through two readings in the House of Representatives, with a third agreed to, and has been read for the first time in the Senate, with a second reading to be scheduled.

With quite a few more sitting dates before the Christmas break it is quite conceivable that we could see this new legislation pass into law before the end of the year.

That would give a very short window of opportunity, until 30 June 2020, for many long-term non-Australian residents to sell their former Australian home without losing the main-residence exemption.

Watch this space for the latest news…and contact Joanne Lamberth lamberthj@tax.uk.com if you wish to seek some advice on how this planned change will impact you.