16 Apr 12 CGT amendments: extension of CGT roll-over for conversion of a body to a corporation
As part of the 2010-2011 Federal Budget, the government announced an extension of the CGT roll-over to include incorporated bodies converting to the Corporations (Aboriginal and Torres Strait Islander) Act 2006 and transfers of incorporation from the Corporations Act 2001 to the Corporations (Aboriginal and Torres Strait Islander) Act 2006, without immediate CGT consequences. The amendments were made by the Tax Laws Amendment (2011 Measures No 9) Act 2012, which received the Royal Assent on 21 March 2012.
The ATO has announced its proposed administrative treatment of these amendments.
If a taxpayer has self-assessed under the previous law, the taxpayer may need to seek an amendment. If this leads to a reduction in tax payable, the ATO will pay interest on any overpayment of tax.
If taxpayers have self-assessed by anticipating the change they will not need to do anything more.