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26 Aug 13 Amendments to scrip for scrip roll-over, the small business concessions and beneficial interests - admin treatment

The Government has amended the law to ensure the scrip for scrip roll-over integrity provisions that apply to individuals and companies also apply to trusts, superannuation funds and life insurance companies.

The Government has also amended the small business tax concessions so that trusts cannot avoid being treated as connected entities for the purpose of testing eligibility for the concessions. This is because trusts do not own assets for their own benefit. These amendments have effect for capital gains tax events happening after 7.30pm (AEST) on 10 May 2011.

Tax Laws Amendment (2013 Measures No 1) Act 2013, which implemented the changes, received Royal Assent on 29 June 2013.

The ATO has now published the administrative treatment that it will apply following the enactment of the changes.


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