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.