Australia: Treasury Laws Amendment Act 2017 received Royal Assent

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On 22 June 2017, the Treasury Laws Amendment (Foreign Resident Capital Gains Withholding Payments) Act 2017 received Royal Assent. Amends the Taxation Administration Act 1953 to modify the foreign resident capital gains withholding payments regime to: increase the withholding rate from 10 per cent to 12.5 per cent; and reduce the withholding threshold from $2 million to $750 000. For transactions entered into from 1 July 2017 the threshold and rate as stated in this Act will apply.

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