15 Feb 07 CGT scrip for scrip roll-overs extended to medical defence organisationsIn a press release issued on 14 February 2007, the Minister for Revenue and Assistant Treasurer, Peter Dutton, announced that the Government will amend the ITAA 1997 to extend the CGT scrip for scrip roll-over to membership interests in companies limited by guarantee that are medical defence organisations.
The amendments will ensure that the CGT scrip for scrip roll-over is available to post-CGT membership interests in a company limited by guarantee if such interests are replaced with membership interests in another company limited by guarantee and both companies are medical defence organisations.
The amendments will apply to CGT events happening on or after 14 February 2007. Legislation giving effect to this announcement will be introduced as soon as practicable, following consultation with industry on the design and the implementation of the amendments.
For a copy of the Minister's press release, No 2006/011, 14 February 2007, go here