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Capital Gains Tax Relief for Compulsory Acquisitions of Part of a Main Residence

Date:

Thursday, 19 March 2009

Content ID:

1502

Abstract:

On 19 March 2009, the Assistant Treasurer and Minister for Competition Policy and Consumer Affairs announced that the Government will extend the capital gains tax (CGT) main residence exemption for compulsory acquisitions (and certain other involuntary events) relating to part of a taxpayer’s main residence. The Assistant Treasurer indicated that the Government would undertake consultation on the design of the amendments and that, initially, Treasury would release a consultation paper.

This discussion paper forms the basis for consultation on the design of 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 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 or by post, electronic lodgement is preferred. For accessibility reasons, please email responses 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: 17 April 2009

Address written submissions to:
General Manager
Business Tax Division
The Treasury
Langton Crescent
PARKES  ACT  2600

Fax: (02) 6263 4466.

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Discussion Paper  104.76kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Discussion Paper  145.37kb

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