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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. Legislation giving effect to this measure will be introduced as soon as practicable. The amendments will apply to CGT events that occur after the date of announcement.

The ATO has indicated that taxpayers affected by the announcement that are self-assessing before the proposed change becomes law should apply the existing law. When the law is enacted, they will then need to seek an amendment to their assessment.

Taxpayers who choose to self-assess by anticipating the announcement will need to review the assessment when the law is enacted. If the change has been anticipated correctly, no further action will be required. If the taxpayer does not anticipate the change correctly, the taxpayer will need to seek an amendment to the assessment.

If the amendment reduces tax liability, the taxpayer will be entitled to interest on overpayments. If the amendment increases liability, the taxpayer will not be subject to tax shortfall penalty and, provided the amendment is made within a reasonable time, GIC will be remitted to nil.

For more information go here.

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