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17 Dec 088 Administrative treatment for trust cloning abolition

On 31 October 2008, the Assistant Treasurer announced that the government will remove the capital gains tax (CGT) trust cloning exception to the CGT events E1 and E2. The ATO has advised that it will apply the existing law until enactment of the proposed changes. However, the ATO says that should the legislation receive Royal Assent prior to 1 July 2009, taxpayers should ensure the enacted changes are taken into account when completing their 2009 income tax return.

For a copy of the ATO advice, go here.

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