Exposure Draft - Abolishing the capital gains tax trust cloning exception and providing a roll-over for fixed trusts |
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Date: |
Wednesday, 2 September 2009 | ||||
Content ID: |
1610 | ||||
Abstract: |
On 31 October 2008, the then Assistant Treasurer and Minister for Competition Policy and Consumer Affairs announced that the Government will abolish the capital gains tax (CGT) trust cloning tax concession. Following public consultation on the policy design of this measure, the then Assistant Treasurer and Minister for Competition Policy announced on 12 May 2009 that the Government would provide a limited CGT roll-over for the transfer of assets between 'fixed' trusts. The abolition of the trust cloning exception and the CGT roll-over for fixed trusts have been combined into one set of amendments. The Government has developed draft legislation to implement this combined measure. An exposure draft of the legislation and explanatory material is now available. Making a submissionInterested parties are invited to comment on the exposure draft package. While submissions may be lodged electronically, by post or by facsimile, electronic lodgment 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. Closing date for submissions: Wednesday, 30 September 2009 Address written submissions to: Email: cgt_trust_cloning@treasury.gov.au Facsimile: (02) 6263 4466 Other enquiries may be directed to: Phone: (02) 6263 3504 |
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Documents Available: |
 Acrobat (PDF)Government Abolishes Trust Cloning Tax Concession - Exposure Draft 66.89kbGovernment Abolishes Trust Cloning Tax Concession - Explanatory Memorandum 103.15kb Consultation Summary 41.72kb  Microsoft Word (RTF)Government Abolishes Trust Cloning Tax Concession - Exposure Draft 239.17kbGovernment Abolishes Trust Cloning Tax Concession - Explanatory Memorandum 454.45kb Consultation Summary 852.73kb |
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