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Revised Exposure Draft - Share and Interest Sale Facilities for Foreign Interest Holders in a Restructure

Date:

Tuesday, 20 September 2011

Content ID:

2162

Abstract:

On 11 May 2010, the then Assistant Treasurer announced that the Government would broaden the range of capital gains tax (CGT) roll‑overs where entities can use a share or interest sale facility for foreign residents in a restructure, as part of a package of CGT measures to make it easier for businesses to restructure.

Following public consultation in May 2011 on the exposure draft for the package of measures, the Government has developed a further draft of legislation to address issues raised in relation to the share and interest share facilities measure.  A revised exposure draft of the legislation and explanatory material for the share and interest sale facilities amendments has been released as part of the public consultation process to provide interested parties with an opportunity to comment. 

As no issues were identified in relation to the remainder of the package of measures, no further consultation will be conducted for the remaining measures.

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: Tuesday, 4 October 2011

Address written submissions to:
The 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  32.96kb
Explanatory Memorandum  54.60kb
Summary of Consultation Process  103.21kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Exposure Draft  4,673.71kb
Explanatory Memorandum  316.03kb
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.
Exposure Draft - Reforms to Capital Gains Tax to Make it Easier for Businesses to Restructure - 13/05/2011
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: Share and Interest Sale Facilities for Foreign Interest Holders in a Restructure - 17/10/2011

Treasury has received two submissions in response to its consultation on the revised exposure draft on the measure ‘Share and Interest sale facilities for foreign interest holders in a restructure’. There are no confidential submissions. The submissions are listed below 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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