TIME FOR LIBS TO DROP UNFAIR EX-PAT CGT CHANGES

CHRIS BOWEN MP.
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7 months ago
TIME FOR LIBS TO DROP UNFAIR EX-PAT CGT CHANGES
CHRIS BOWEN MP
The Assistant Treasurer, Stuart Robert has belled the cat on the Liberals unfair and retrospective changes to the main residence exemption for capital gains tax regime that has caught ex-pat Australians out.
 
The 2017 Budget measure due to come into effect on 1 July 2019, means that thousands of Australians who have worked for a period of time overseas face a retrospective capital gains tax hit.
 
Today in the Australian Financial Review, Mr Robert is quoted as saying in relation to the changes that:
 
“Sometimes things get announced and don’t get progressed and it’s just best to leave it that way.”
 
It’s time for Josh Frydenberg to drop what is appalling policy and back this measure out of the Budget bottom line.
 
The Assistant Treasurer has all but confirmed the Government isn’t serious about passing this legislation and if that’s the case and this isn’t another Stuart Robert gaffe, the Treasurer should do the honourable thing and drop it altogether.
 
If the Liberals leave this measure in the Budget baseline without attempting to pass the legislation, it will be yet another zombie measure propping up a Liberal Budget.
 
Federal Labor has written twice to the Government now with an offer to get this ex pat CGT tax slug dealt with so certainty can be restored.
 
 
Treasury