Feedback requested from ATO - draft Legislative Instrument (Variation 2020/D1) applicable to mortgagees - Foreign Resident Capital Gains Withholding process

The Taxation Law Committee of the Business Law Section of the Law Council of Australia welcome the new variation instrument, particularly now that the COVID-19 pandemic may result in a sharp rise in the number of mortgagees exercising their power of sale. However, the committee considers that it would be appropriate to expand the scope of the variation to the significant number of non-bank (non-ADI) lenders in the market.

You can read the full submission below.

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