Assistant Treasurer David Bradbury has today released for consultation exposure draft legislation and explanatory materials to remove the Capital Gains Tax discount for non-resident individuals on taxable Australian property, such as real estate and mining assets.
The discount is not necessary to attract investment from non-residents into these assets, which are immobile.
The exposure draft legislation will implement the Government's decision to remove the discount as announced in the 2012-13 Budget.
Non-residents will be entitled to a discount on capital gains accrued prior to 8 May 2012 (after offsetting any capital losses), provided they choose to value the asset as at that day.
The exposure draft legislation and explanatory materials can be found on the Treasury website. Consultation will close on 5 April 2013.