Capital gains tax

Hi, is it true that non resident is not entities to the 50% discount on capital gains any more, eg if I have 1m gains, 1m is taxable instead of 500k?

 

Yes since about 2017

 

But from the web I also saw a day of May 2012, so is it 2012 or 2017?

 

It might be 2012 - I am not sure when it came in now.

 

This cant be determined. Are you referring to direct or indirect property or shares ? Is the propertya former home ? When did you change residency ?

A person who was resident and is no longer resident should seek personal tax advice. I see many people who blindly assume the CGT amount is fully taxed when that may be completely or partially incorrect. I have seen many taxpayers given poor tax advice. I have a client who saved $600K through a second opinion. (Needless to say he was very happy)

 

8 May 2012 was the Rudd era shaving of the general CGT discount. A valuation rule was introduced for some taxpayers who were affected at that date. It is commonly ignored by tax advisers and can be a very sound investment in a valuation report by a reg valuer after getting advice. I deal with a handful of such enquries a year for initial advice by tax advisers who dont regularly deal with property tax issues. Half come from the advisers to me which is alarming. The other half are concerned taxpayers.

 

it’s an investment property that was bought in jan 2011