22 Sep 11 Revised Exposure Draft - Sale facilities for foreign interest holders in a restructure
On 11 May 2010, the then Assistant Treasurer, Senator Nick Sherry, announced that the Government would broaden the range of CGT roll-overs where entities can use a share or interest sale facility for foreign residents in a restructure, as part of a package of CGT measures to make it easier for businesses to restructure.
Following public consultation in May 2011 on the exposure draft for the package of measures, the Government has developed a further draft of legislation to address issues raised in relation to the share and interest share facilities measure. A revised exposure draft of the legislation and explanatory material for the share and interest sale facilities amendments has now been released and is available here
The closing date for submissions is Tuesday, 4 October 2011.