Worry Over For Non-Residents?
In the Federal Budget Announcement of May 2017 it was proposed to withdraw the main residence exemption from non-residents, which would even impact taxpayers with retrospective effect to periods when they were resident and living in their own home.
Addressing The Tax Institute National Convention in Hobart on 15 March 2019, the Assistant Treasurer The Hon Stuart Robert MP suggested this proposal would lapse.
Answering a different question Mr Robert said sometimes an announcement the that is made that is not progressed by Government can be read as lapsing.
Darren Hooper CA, principal of Tax Services Australia, asked a follow up question during the Ministers post speech Q&A session, referred to the May 2017 announcement and if the lack of progress by the current Parliament could be similarly viewed as lapsing.
The Minister said to refer to his previous answer.
So it appears the government’s non progression of this controversial budgetary announcement has lapsed deliberately.
The worry appears to be over.