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Exposure Draft - Tax Laws Amendment (2010 Measures No. 5) Bill 2010: Extending CGT exemption for certain compulsory acquisitions

Date:

Tuesday, 15 June 2010

Content ID:

1835

Abstract:

On 15 June 2010, the Assistant Treasurer released exposure draft legislation for the measure to 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 draft legislation allows a taxpayer to disregard a capital gain or a capital loss where there is a compulsory acquisition (or similar arrangement) of adjacent land or an adjacent structure that is part of the taxpayer's main residence where the dwelling is not also being compulsorily acquired.

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: Wednesday, 14 July 2010

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

Fax: (02) 6263 4466

For enquiries please call Nicholas Backhouse on (02) 6263 3241.

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Exposure Draft  49.93kb
Explanatory Memorandum  102.59kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Exposure Draft  202.51kb
Explanatory Memorandum  455.54kb

Related Items:

Submissions: Exposure Draft - Tax Laws Amendment (2010 Measures No. 5) Bill 2010: Extending CGT exemption for certain compulsory acquisitions - 25/11/2010

Treasury received two submissions in response to the exposure draft on extending CGT exemption for certain compulsory acquisitions. All of the submissions are confidential.

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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