10 Nov 088 Demutualisation of Friendly Societies and CGT Discussion PaperOn 24 October 2008, the Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, Mr Chris Bowen, announced that the Government will provide CGT relief for policyholders of friendly societies who receive shares when their friendly society demutualises: see 2008 TAXVINE No 43 (31 October 2008). The Assistant Treasurer also indicated that the Government would undertake consultation on the design of the amendments and that Treasury would release a discussion paper for this purpose.
On 7 November 2008, Treasury released the Discussion Paper. The closing date for submissions on the Discussion Paper is 5 December 2008.
For a copy of the Discussion Paper, go here.
For a copy of an ATO factsheet on the subject, go here.