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Exposure Draft: Demutualisation of Friendly Societies and Capital Gains Tax

Date:

Friday, 17 April 2009

Content ID:

1520

Abstract:

On 24 October 2008, the Assistant Treasurer and Minister for Competition Policy and Consumer Affairs announced that the Government will provide relief from capital gains tax (CGT) for policyholders of friendly societies that demutualise to for-profit entities.

The Government has developed draft legislation to implement this change. An exposure draft of the legislation is now available.

Interested parties are invited to comment on the exposure draft. 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: 15 May 2009.

Written submissions should be addressed to:

The General Manager
Business Tax Division
The Treasury
Langton Crescent
PARKES ACT 2600
Fax: (02) 6263 4466

Email: cgt_demutualisation@treasury.gov.au

Other enquiries may be directed to:

Philip Akroyd
Capital Gains Tax Unit
Business Tax Division
The Treasury
Langton Crescent
PARKES ACT 2600

Phone: (02) 6263 4385

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Exposure Draft: Demutualisation of Friendly Societies and Capital Gains Tax  102.66kb
Consultation Summary  35.74kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Exposure Draft: Demutualisation of Friendly Societies and Capital Gains Tax  1,498.94kb
Consultation Summary  857.29kb

Related Items:

Submissions: Demutualisation of friendly societies and capital gains tax - 16/06/2009

Treasury has received three submissions in response to its consultation on the draft legislation for Demutualisation of friendly societies and capital gains tax. One of these is a public submission, and there are two confidential submissions. The public submission is listed below and is 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.

Demutualisation of Friendly Societies and Capital Gains Tax - 7/11/2008
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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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