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Changes to capital gains tax discount

On 8 May 2012, changes to the CGT discount were announced in the 2012-13 Budget. These changes became law as of 29 June 2013.

The changes mean that foreign or temporary residents and Australian residents who have lived overseas may not receive the complete CGT discount.

From 8 May 2012, individuals, including beneficiaries of a trust and partners in a partnership, must meet certain eligibility conditions to apply for the CGT discount.

These changes to the CGT discount will affect foreign or temporary residents, Australian residents with a period of foreign residency after 8 May 2012, and individuals who had a discount capital gain from a CGT event that occurred after 8 May 2012.

Posted on 6 December '13 by , under Tax.

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Before consolidating your super, it is important to do the following:

Research your funds' policy
Compare your active super accounts so you can make the right choice about which one you should close. Things to assess include:

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Check employer contributions
Changing funds may affect how much your employer contributes, as some employers contribute more to certain funds. Check your current accounts to see if changing funds will affect this. Once you have selected a super fund, regardless of whether you choose a new super fund or one of your existing ones, provide your employer with the details they need to pay super into your selected account.

Gather the relevant information
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