Abolishing the Capital Gains Tax Trust Cloning Exception

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On 31 October 2008, the Assistant Treasurer and Minister for Competition Policy and Consumer Affairs announced that the Government will abolish the trust cloning tax concession.  The Assistant Treasurer also indicated that the Government would undertake consultation on the design of these amendments, and subsequently on an exposure draft of the legislation.

This discussion paper forms the basis for consultation on this proposal and sets out the way it may be implemented.  The purpose of this discussion paper is to provide interested parties with an opportunity to comment on the policy design of the proposal.

Interested parties are invited to comment on the issues set out in the discussion paper.  While submissions may be lodged electronically, by post or by facsimile, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. A request made under the Freedom of Information Act 1982 (Commonwealth) for a submission marked 'confidential' to be made available will be determined in accordance with that Act.

The closing date for submissions is: Wednesday 3 December 2008.

Written submissions should be addressed to:

The General Manager
Business Tax Division
The Treasury
Langton Crescent
PARKES ACT 2604
Fax: (02) 6263 4466
Email: cgt_trust_cloning@treasury.gov.au

Documents Available:

 Acrobat (PDF)

 Microsoft Word (RTF)

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