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The New CGT Regime

Published on 02 Mar 1999 | Took place at Enterprise House, Unley , SA

On the 1 July 1998 many sections in Part IIIA and its infamous lettering were changed. No longer will reference be made to old favourites such as s160ZZQ, rather there is a new Subdivision 118-B. The changes go well beyond the section numbers. The whole structure of the CGT provisions has changed and new terminology introduced. Some of the areas of uncertainty in Part IIIA have been clarified. Other 'small p' policy changes have also been made. This session explains the new structure, particularly the new concept of "CGT Events". It also examines some of the changes made from the old laww, providing practical examples of their impact.

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Individual sessions

The new CGT regime

Author(s):  Tim SANDOW This paper focuses on the changes by the TLIP (Taxation Law Improvement Project) team and their practical implications. It also identifies potential changes which may not have been intended by the team, but as result of the new wording, a new meaning could be given to the provisions.

Materials from this session:

The new CGT regime

Author(s):  Paul INGRAM The new CGT regime came into operation on 1 July 1998. This paper summarises the structure of the new CGT regime, and aims to provide a "road map" to guide practitioners through the new provisions. This is done by reference to a practical four step process : 1 Identify the potentially relevant CGT events, 2 Check whether an exception or general exemption applies, 3 Check whether rollover relief is available, 4 Calculate the capital gain or loss.

Materials from this session: