Australia's capital gains tax extension on foreign-owned renewables advances despite industry opposition
By
Rachel Williamson
Summary
The Albanese government is pushing ahead with legislation to extend the 30% capital gains tax to foreign-owned large-scale renewable energy assets (wind, solar, battery). While the tax changes will not be applied retrospectively — a positive for existing investors — industry and investor groups strongly oppose the proposal, arguing it sends the wrong signal to foreign capital at a time when Australia needs massive investment to meet its renewable energy targets.
Source
bskyAustralia's capital gains tax extension on foreign-owned renewables advances despite industry oppositionreneweconomy.com.auKey quotes
· 3 pulledThe Albanese government is pushing ahead with its proposal to extend the 30 per cent capital gains tax (CGT) to include large-scale renewables, with legislation introduced to federal Parliament on Thursday.
Federal government tax reforms targeting foreign-owned wind, solar and battery assets won't be retrospective, industry has learned, but investor groups say there is still a lot to dislike about the proposal.
The changes were foreshadowed in last year's federal budget and a draft released in April, proposing a range of reforms broadening the types of assets subject to CGT for foreign
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