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Legislation

Tax Telegraph, April 2013

LegislationRemoval of capital gains tax (CGT) discount for non-resident individuals

On 8 March 2013, ED legislation and explanatory material were released by the Assistant Treasurer concerning the proposed removal of the CGT discount on discount capital gains accrued after 8 May 2012 for foreign resident and temporary resident individuals. This measure was previously announced in the 2012-13 Federal Budget.

Submissions on the ED were due on 5 April 2013.

Refunding excess GST

A revised ED and explanatory material have been released to provide for the circumstances in which taxpayers can obtain a refund of overpaid goods and services tax (GST) amounts, primarily on a self-assessed basis, by reference to specified criteria. The revisions seek to address a raft of concerns raised during the first public consultation in respect of this measure. As drafted, the proposed amendments would apply in relation to tax periods commencing on or after 17 August 2012.

Submissions were due by 26 March 2013.

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