This will impact the many thousands of Australian expatriates and foreign nationals that own property in Australia and may have a dire consequence on the construction industry if there is a contraction of buyer activity as a result of the higher Capital Gains tax cost.
We have prepared a submission to seek the Government to change its position on this and are asking for your support on this important issue.
If the changes come into effect, they will only apply to gains after the 8th may 2012. Profits before the date will continue to enjoy the 50% discount on Capital Gains.
For more information connect with me at: Steve Douglas on TaxConnections