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16 Jun 08 Demutualisation of MBF

The ATO has published a factsheet concerning the demutualisation of MBF. It states: "Participating contributors are expected to receive a payment for the disposal of their existing membership rights in MBF by 30 June 2008. The ATO is working with MBF to provide you with information about the correct tax treatment for this payment. The ATO is currently working out the correct capital gains tax amount (if any) that will apply to this payment. The government has also announced it intends to change the law. The ATO has agreed to allow you to lodge your 2007-08 tax return without including any capital gain on this payment at this stage. The ATO and MBF will let you know what amount (if any) to include in your tax return and how to do this at a later time."

For a copy, go here

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