Exposure Draft - Reforms to Capital Gains Tax to Make it Easier for Businesses to Restructure

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Abstract:

On 11 May 2010 the then Assistant Treasurer announced that the Government would make it easier for businesses to restructure, by:

• extending the CGT roll-over for the conversion of a body to an incorporated company;
• broadening the range of CGT roll‑overs where entities can use a share or interest sale facility for foreign residents in a restructure; and
• allowing CGT demerger relief for demerger groups that include corporations sole or complying superannuation entities that currently cannot access the relief.

Following public consultation on the policy design of these changes, the Government has developed draft legislation to implement these measures.  An exposure draft of the legislation and explanatory material are now available.

Making a submission

Interested parties are invited to comment on the exposure draft package. 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, 15 June 2011

Address written submissions to:
General Manager
Business Tax Division
The Treasury
Langton Crescent
PARKES ACT 2600
Fax: (02) 6263 4352

For enquiries, please call Paul McMahon on (02) 6263 3385.

Documents Available:

 Acrobat (PDF)

 Microsoft Word (RTF)

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