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19 Dec 08 Submission on trust cloning abolition

On 5 December 2008, the Taxation Institute lodged a submission with Treasury in response to the Treasury Discussion Paper, "Abolish the Capital Gains Tax Trust Cloning Exception" (‘Discussion Paper’), following the announcement on 31 October 2008 by the Assistant Treasurer, Chris Bowen, that the Government intends to abolish the tax cloning exception (Press Release No 2008/092).

The submission states that the Taxation Institute believes that a perceived difficulty in containing compliances costs and rectifying administrative difficulties is not an appropriate basis on which to argue a case for the abolition of the CGT cloning exception in the manner suggested in the Discussion Paper.

For a copy of the submission, go here.

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