On 28 January 2011, Treasury released for public comment an exposure draft and draft explanatory memorandum containing proposed minor amendments to the taxation laws.
The amendments seek to ensure the law operates as intended, by correcting technical or drafting defects, removing anomalies and addressing unintended outcomes. The amendments also include minor improvements to the tax laws. Some of the amendments address issues raised through the Tax Issues Entry System (TIES).
More significant amendments include:
- ensuring that the temporary resident provisions in Subdivision 768-R of ITAA 1997 operate as originally intended.
- providing the Commissioner of Taxation with a discretion to extend the main residence exemption from CGT; and
- allowing the nomination of controllers of discretionary trusts for the purposes of the CGT small business concessions.
The closing date for submissions is Friday 18 February 2011.