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Exposure Draft - Abolishing the capital gains tax trust cloning exception and providing a roll-over for fixed trusts

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 submission

Interested 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:
General Manager
Business Tax Division
The Treasury
Langton Crescent
PARKES  ACT  2600

Facsimile: (02) 6263 4466

Other enquiries may be directed to:
Graeme Cuxson
Capital Gains Tax Unit
Business Tax Division
The Treasury
Langton Crescent
PARKES ACT 2600

Phone: (02) 6263 3504

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Government Abolishes Trust Cloning Tax Concession - Exposure Draft  66.89kb
Government Abolishes Trust Cloning Tax Concession - Explanatory Memorandum  103.15kb
Consultation Summary  41.72kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Government Abolishes Trust Cloning Tax Concession - Exposure Draft  239.17kb
Government Abolishes Trust Cloning Tax Concession - Explanatory Memorandum  454.45kb
Consultation Summary  852.73kb

Related Items:

Abolishing the Capital Gains Tax Trust Cloning Exception - 5/11/2008
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Submissions: Exposure Draft - Abolishing the capital gains tax trust cloning exception and providing a roll-over for fixed trusts - 14/10/2009

Treasury has received seven submissions in response to the Exposure Draft Abolishing the capital gains tax trust cloning exception and providing a roll-over for fixed trusts. All of these are public submissions 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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