On 24 October 2008, the Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, Chris Bowen, announced that the Government will provide relief from CGT for policyholders of friendly societies that demutualise to for-profit entities. The Government has developed draft legislation to implement this change. An exposure draft of the legislation has now been made available by Treasury.
The closing date for submissions is: 15 May 2009.
For a copy of the draft legislation, go here