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

Date:

Friday, 13 May 2011

Content ID:

2018

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

Email: cgt_restructures@treasury.gov.au

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

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Exposure Draft  250.63kb
Explanatory Memorandum - Change of Incorporation  338.21kb
Explanatory Memorandum - Demerger  248.98kb
Explanatory Memorandum - Share Sale  187.70kb
Consultation question on share sale provisions  211.26kb
Summary of Consultation Process  103.21kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Exposure Draft  8,954.49kb
Explanatory Memorandum - Change of Incorporation  419.89kb
Explanatory Memorandum - Demerger  548.52kb
Explanatory Memorandum - Share Sale  306.87kb
Consultation question on share sale provisions  37.42kb
Summary of Consultation Process  876.27kb

Related Items:

Consultation Paper - Improvements to The Capital Gains Tax Law: Certain Business Restructures - 11/05/2010
The abstract for this content item contains formatting that cannot be displayed in this list. Please follow the hyperlink to the item for more detail.
Revised Exposure Draft - Share and Interest Sale Facilities for Foreign Interest Holders in a Restructure - 20/09/2011
The abstract for this content item contains formatting that cannot be displayed in this list. Please follow the hyperlink to the item for more detail.
Submissions: Reforms to Capital Gains Tax to Make it Easier for Businesses to Restructure - 29/06/2011

Treasury has received one submission in response to its consultation on the 'Reforms to Capital Gains Tax to Make it Easier for Businesses to Restructure' Exposure Draft. 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.

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