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Non-resident capital gains tax to be abolished. Draft legislation abolishing the Australian non-resident capital gains tax (CGT) for most investors was introduced into the Australian Parliament on 22 June 2006. Under the proposed new rules, a capital gain or loss made by a foreign resident will only be subject to CGT if it relates to assets that are ‘taxable Australian property’. Currently, non-residents are taxed on a broad range of Australian assets, including shares in private companies and interests in trusts.
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