With the new Scott Morrison Government installed, we are stepping up our advocacy on the crushing impact of proposed amendments to the Capital Gains Tax (CGT) on the sale of your home while living offshore.
We urge you to write to the new Treasurer, the Hon Josh Frydenberg MP to bring to his attention the unintended consequence of the impacts of his department’s The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Bill 2018. This Treasury amendment has the unintended consequence of doubling down on the thousands of Australians living and working internationally who might be forced to sell their family home due to divorce, bereavement, illness or job loss – any number of unplanned life circumstances which hit us all, regardless of where we live. It would mean that non-resident Australians would be hit by a significant CGT bill on their principal place of residence calculated from the date of purchase of that family home regardless of how long they lived in that home prior to moving offshore.
We are being heard: through our combined efforts, we have succeeded in securing the support of Shadow Treasurer Chris Bowen on this issue and the Bill, although passed by the House of Representatives it is still before the Senate.
The appointment of a new Treasurer gives us the chance to urge Treasury to revise the proposed legislation and carve out the impact on Australians such as ourselves who are living and working overseas.
On your behalf, AustCham has written to the Prime Minister Scott Morrison (HERE), Treasurer Josh Frydenberg and the Minister for Trade, Tourism and Investment Senator Simon Birmingham to draw their attention to this important issue.
Now it’s your turn.
Write to the Treasurer Josh Frydenberg (proforma letter here) now. I also encourage you to tailor this letter based on your own personal circumstances which demonstrate how this amendment penalises us for living and working offshore. With a Federal election to take place within the next few months, you have a voice, particularly as Hong Kong is the second largest international polling booth behind London.
Please contact Emily Li at email@example.com if you would like to convert the proforma letter from PDF file to a Word document.
You can read more about this campaign:
What is Capital Gains Tax and how it will affect you as an expat offshore: http://www.austcham.com.hk/latestnews/106
Full article from the Australian Financial Review highlighting our campaign against proposed changes to Capital Gains Tax: http://www.austcham.com.hk/latestnews/108
WE ARE BEING HEARD: Australian Government Delays Passage of CGT Legislation: http://www.austcham.com.hk/latestnews/111
Looming Tax Bills for Expatriates (INTHEBLACK, CPA Australia): http://www.austcham.com.hk/latestnews/118
Campaign hashtag: #CGTkneecapsOzdiaspora