The Federal Government has reintroduced the tax legislation that denies the main residence exemption for foreign residents of Australia. This controversial legislation, if passed, now contains some carve-outs when certain “life events” occur to the taxpayer or their family. Also, the transitional provision that prevents the legislation operating has been extended to 30 June 2020.
The Board of Taxation (BoT) says it will be undertaking further consultation on what reforms are desirable for the tax residency rules for individuals. This follows previous reviews of Australia’s residency rules going back to 2016 and also 2017. It says the objective of any changes will be to ensure that any proposed new