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Demutualisation of Friendly Societies and Capital Gains Tax


Friday, 7 November 2008

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On 24 October 2008, the Assistant Treasurer and Minister for Competition Policy and Consumer Affairs announced that the Government will provide capital gains tax (CGT) relief for policyholders of friendly societies who receive shares when their friendly society demutualises. The Assistant Treasurer also indicated that the Government would undertake consultation on the design of the amendments and that Treasury would release a discussion paper shortly afterwards.

This discussion paper forms the basis for consultation on this proposal and sets out, in broad terms, the way it may be implemented. The purpose of this discussion paper is to provide interested parties with an opportunity to comment on the 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, submissions made electronically should be sent in RTF or Word 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 for a submission marked 'confidential' to be made available will be determined in accordance with that Act.

The closing date for submissions is: 5 December 2008.

Written submissions should be addressed to:

The General Manager
Business Tax Division
The Treasury
Langton Crescent
Fax: (02) 6263 4466

Email: cgt_demutualisation@treasury.gov.au

Documents Available:

Acrobat (PDF) documents

 Acrobat (PDF)

Demutualisation of Friendly Societies and Capital Gains Tax Discussion Paper  137.29kb
Consultation Summary  35.74kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Demutualisation of Friendly Societies and Capital Gains Tax Discussion Paper  351.61kb
Consultation Summary  857.29kb

Related Items:

Submissions: Demutualisation of Friendly Societies and Capital Gains Tax - 17/12/2008

Treasury received four submissions in response to consultation on the Demutualisation of Friendly Societies and Capital Gains Tax. All of these are public submissions and there are no confidential submissions. The submissions are listed below and are accessible by selecting the author.

The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or the Treasury.

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