AustCham Response to Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures (No 2) Bill 2018
You should all be alarmed about proposed new amendments which would see a Capital Gains Tax levied if you sell your family home in Australia while working in Hong Kong. Rather than provide for the current six-year CGT exemption on your principal place of residence, this change means that you would instead pay CGT from the time of purchase, regardless of how long you lived in the home before moving offshore. Many of you may be forced to sell your home for any variety of unexpected circumstances.
As well, if a family member dies while you are living in Hong Kong and bequeaths all or part of their home to you, such bequest would also be hit by this new CGT.
This will hurt you as individuals, and will severely limit the ability of our corporate members to transfer staff offshore from Australia. This is a crippling proposal and we believe this impact on non-resident Australians is an unintended consequence of an amended intended to hit foreign investors.
What AustChamHK is doing/has done:
What you can do:
We will continue to raise awareness of this issue with Australian chambers and business organisations around the world. Please feel free to forward this email to contacts you may have. This amendment has flown below the radar and we want to mobilise the powerful voice of Australians abroad.
As the Prime Minister pointed out when he was here in November: HK is the second largest polling booth behind London. In an election year, this matters and your voices will be heard.
The Australian Chamber of Commerce in Hong Kong & Macau