Stop The Changes To Capital Gains Tax On Non-Resident Taxpayers - Online Petition
Closed: Tuesday 31 December 2013
SMATS Group Chairman Steve Douglas got
the opportunity to personally present his Submission to the Treasurer Wayne Swan in Hong Kong on the
11th July thanks to the support of Austcham Hong Kong.
On the 8th May 2012, the Australian Budget sought to make a change to the
way Non-Resident Australian Taxpayers were charged Capital Gains Tax by removing the current 50% Tax
SADLY THIS BECAME LAW ON THE 28TH JUNE 2013
Despite our best efforts, the Labor Government managed to have this legislation pass through both houses of parliament. The cunning action of grouping this law with other important matters and the sheer volume of Bills before parliament meant there was little that could be done to stop its passage.
The Government pushed this through even before Treasury had released its report on Submissions, where SMATS Group got a mention, albeit too late to alter the outcome. Click here to view the Treasury Release. All Submissions were against the propsed change, but this seems to have fallen of deaf ears and not altered the stance despite the logical and balanced argument presented.
That isn't the end for us, we now will begin lobbying to have the law repealed, hopefully after the upcoming Federal Election due in September 2013.
We simply can not stand idly by and allow this unfair and financially damaging legislation to remain.
Our methid will be to continue to attract support to our petition to create an overwhelming number that simply can not be ignored by any Government (as the Gillard Government simply ignored us!) and ensure that fiarness is restored as soon as possible.
As we have many thousands of clients that will be directly impacted by
this announcement, we feel it appropriate to stand up and see if common sense can prevail.
June 2013 Update
The Federal Government disregarded all submissions and proceeded to submit draft Legislation into Parliament on the 29th May 2013. it was not a seperate Bill, rather included with other contentious laws of the 2013 Budget, so as to confuse the debate and make it seem less important than the other matters.
This strategy seemed to have worked as the Shadow Treasurer Joe Hockey stated "We will allow the passage of the measure, particularly given the budget emergency which clearly exists under Labor" in regard to the CGT Changes.
Our last chance to stop this change occurring, so we have sent emails to members of Parliament requestign they do not support these changes. We you can assist by emailing as well, all you need do is click here to send your email. It is now a question of persistence and pressure and that takes numbers, even more than the 3,000 we gathered supporting our submission.
Click here to view our email to the Members of Parliament.
Click here to view our email to the Senate Members.
May 2013 Update
The Federal Budget was released on the 14th May 2013 and there was no mention of the CGT Change announced the previous year.
I have contacted Treasury to check on the progress and was informed that they have yet to prepare their report on public submissions which closed on the 5th April. It is hoped they will report back to Government in the near future to advise on the various submissions.
Given the huge deficit in the Governments budget, a A$19.4bn shortfall instead of the expected A$1.5m surplus, we have an excellent chance of having this measure stopped as it likely to further erode revenues if it comes in, so we remain optimisitc of our chances.
It is not too late to join our petittion as we need all the support we can muster.
April 2013 Update
SMATS Group has formally lodged our Submissions to Treasury as well as our online petition which attracted over 2.700 signatories. We also submitted the results of our survey which showed that 99% of respondents would be discouraged from Australian property investment if this change comes in, which contradicts in the strongest possble terms the Governments contention that the discount is "not necessary" to attract foreign investors.
Click here to view our Survey Summary
We now wait patiently for Treasury to assess the submissions and make recommendations to the Government and remain confident we have provided sufficient and detailed analysis to warrant the changes to be abandoned.
You should still join our petition as until there is a formal announcement we still have a fight on our hands. Dont let your inaction let this damaging change come to effect.
Even if the Government continues to press forward with this change, they have a battle to have the laws passed in Parliament, so we will continue our efforts to press our important message.
March 2013 Update - Finally some action from the
Government & TIME FOR YOU TO ACT
After waiting almost 10 months, the Assistant Treasurer, David Bradbury, has released the Exposure Draft
and called for public comment. we shall be reviewing this and have already lodged our original
submission to the Treasury website.
The proposed law not only seeks to disincentives Foreign Investors, but also penalise expatriates for
their time abroad by reducing their CGT Discount even when back in Australia.
We have acted quickly to prepare an additional Submission that goes into great detail on all of the
issues and unintended consequences of this proposed change. The Government is calling for our
comments so now is our chance to make a difference and help protect the valuable economic benefit of
sensible and consistent Foreign Investment into Australia.
Click here to view our March 2013 Submission lodged with Treasury.
Watch our recorded Webinar Series form March 2013 to find out all the details of the proposed changes.
January 2013 Update
Here we are over 8 months after the Budget announcement and we still have not seen any legislation on
this change presented to Parliament for consideraiton. As such there is an air of uncertainty
surrounding this change and it may well be that the proposed reduction may in fact be abandoned.
We have followed up our iniital submission with a further open letter to the Treasurer seeking clarification
and hopefully confirmaiton of what may occur in regard to this change. Click here to view our open letter.
By registering your details below you acknowledge your support
of the SMATS Group submission to the Australian Government to cancel the changes proposed to remove
the current concession on Capital Gains Tax for non-residents taxpayers, including expatriates.
Join the 2,800 plus that have signed on so far.
Your undertaking in our petition:
We hope that our participation in this petition demonstrates to the
Australian Government the important value we place on the role of Foreign Investors and Australian Expatriates
- Supporting the Australian property market,
- Improving the supply of housing for Australia's growing population,
- Creating and maintaining valuable employment and activity
in the Property & Construction industries.
We feel it only fair that Foreign Investors & Australian
Expatriates be taxed in the same manner as resident taxpayers in order to ensure that no discouragement
is offered for people to seek the safety and stability of Australian property investment.
This will also help to maintain the positive image of Australia
and the Australian property market internationally and ensure this valuable multi billion dollar activity
can continue for the benefit of all Australians.
I consent for my name to be displayed on a list of support, but my
contact information will remain private and confidential and not be disclosed to any party.