PHOTO: The three-bedroom apartment on level 20 of the Forum building in St Leonards is set to hit the market in coming weeks.
It was only by chance that London-based expats Greg Pritchard and My Truong happened upon a random accountancy website alerting them to looming changes to the Australian capital gains tax regime.
It was a lucky find given that 35 years after the CGT exemption was applied to the Australian family home, it is set to be scrapped for non-resident Australians from June 30 if they sell while still overseas.
Further, the Morrison government’s new tax bill will apply retrospectively to cover the capital gain accumulated for the entire time the property is owned.
Currently, all Australian homeowners can claim an exemption on the tax payable on any capital gain from the sale of their primary residence, and until June 30 that has included Australians who are living overseas.
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