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Exposure Draft - Providing a Capital Gains Tax (CGT) Roll-Over For Replacement Water Entitlements


Tuesday, 13 April 2010

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On 27 February 2009 the then Assistant Treasurer and Minister for Competition Policy and Consumer Affairs announced that the Government would provide a CGT roll-over for transformation arrangements and allow termination fees to be included in an asset’s cost base.

Following public consultation on the policy design of this change, the Assistant Treasurer and the Minister for Climate Change and Water jointly announced on 2 December 2009 that the Government would extend the CGT roll-over to cover a broader range of transactions involving changes to water entitlements, including pre-transformation transactions.  

The Government has developed draft legislation to implement these measures. 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 material. While submissions may be lodged electronically or by post, electronic lodgement 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. Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Friday, 30 April 2010

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

Fax: (02) 6263 4466

Other enquiries may be directed to:

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

Phone: (02) 6263 4385

Documents Available:

Acrobat (PDF) documents

 Acrobat (PDF)

Exposure Draft  58.31kb
Explanatory Memorandum  112.61kb
Consultation Summary  34.13kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Exposure Draft  206.52kb
Explanatory Memorandum  417.56kb
Consultation Summary  851.84kb

Related Items:

Capital Gains Tax Relief for Transformation Arrangements - 27/02/2009
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Submissions: Exposure Draft - Providing a Capital Gains Tax (CGT) Roll-Over For Replacement Water Entitlements - 3/06/2010

Treasury has received three submissions in response to its consultation on providing a Capital Gains Tax (CGT) Roll-Over for Replacement Water Entitlements. All of the submissions are public 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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