- January 2, 2018
Properties acquired after 7:30PM (AEST) on 9th May 2017 by Australia’s foreign resident will no longer have access to the CGT main residence exemption. If on the date of the event, the owner is a foreign tax resident for tax purposes then exemption is removed.
No proportionate method is available for foreign residents in situation where owner was a resident for part of the ownership period. Existing properties held prior to this date will be exempt until 30 June 2019.
This was done to ensure that only Australian residents can access the exemption, and so temporary tax residents will still get the main residence exemption.