Capital Gains Clearance Certificates
We assist clients prepare and lodge Capital Gains Clearance Certificates to notify the Australian Taxation Office when foreign resident capital gains tax doesn't need to be withheld, or a reduced rate can be withheld, from the sale of taxable Australian real property.
Commonly in this scenario we act for the Vendor who is a Foreign Resident for tax purposes. Depending on our clients circumstances we would attempt to prepare and lodge the application to vary the Capital Gains Tax liability to nil (if the Main Residence exemption applied) or to a reduced withholding rate, to ensure our client is paid as much of the sum of the proceeds from sale as legally allowable.
Foreign Residence Capital Gains Clearance Certificates are commonly required for any non resident who own real Australian Property that meets the Main Residence Exemption tests. The property must be sold prior to 30 June 2019 to ensure this exemption still applies.
Our Tax Team assist clients across Australia to prepare and lodge Capital Gains Clearance Certificates. We often assist Solicitors and Conveyancing Lawyers ensure their clients recieve clearance certificates prior to settlement.
If you have any questions regarding Foreign Residence Capital Gains Clearance Certificates or wish to discuss this further with a member our tax team contact our office to arrange an appointment.