AustCham is pleased to advise our campaign against the Capital Gains Tax amendment is gaining traction with the Federal Government. Following a week of intense lobbying in Australia by AustCham, the Government has agreed to delay passage of legislation through Parliament to allow time for further consideration.
It was delighted to learn that the Minister for Financial Services, Kelly O’Dwyer, will make direct representations to the Treasurer and Prime Minister as a matter of urgency to discuss the proposed crippling changes to Capital Gains Tax on the family home - this change discriminates against those of us working internationally.
It was heartening to hear the Minister express sympathy with AustCham saying she understood the impact of the unintended consequences of this change. In short, we say this undermines the nation’s engagement with Asia and potentially cripples those of us working in the region. We presented the Minister with letters from members including from the Head of the Australian International School in Hong Kong who wrote of the debilitating impact this would have on the school’s ability to recruit teachers from Australia.
We know how important this is to all of you and we are continuing our efforts following this recent news. A warm thanks to the Minister for taking up our message and to all those who have written to the Australian Government on this matter.
We were also pleased to bring this matter directly to the Treasurer’s attention this morning (11 May 2018) in Melbourne but there is much more we all need to do.
Postponing the Parliamentary review of this legislation will allow the Government to consider the concerns we have raised. But we need more of you to mobilise your international network - write to Treasurer Scott Morrison today - cite case studies re: the impact this crushing tax will have on you, your business and your families.
We are being heard. Let’s make it count, join the chorus before this legislation is promulgated.
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
Proforma letter: http://austcham.com.hk/Uploads/PDFs/CGT-Proforma%20letter.pdf
CPA Australia's IN THE BLACK feature story on the campaign: http://www.austcham.com.hk/latestnews/118
Campaign hashtag: #CGTkneecapsOzdiaspora