Government Announcements
Draft legislation released
28.04.2009
Consolidation regime
On 28 April 2009 the Assistant Treasurer released exposure draft legislation and associated explanatory material to improve the income tax consolidation regime.
The exposure draft implements the majority of the changes announced in the 2008-09 Budget to enhance the operation of the consolidation regime and improve interactions with other parts of the law.
The Assistant Treasurer said that the Government values the input provided by interested parties through consultation and is seeking submissions on the exposure draft legislation and explanatory material.
For the Assistant Treasurer’s media release (which contains a link to the consultation materials), click here.
Demutualisation of friendly societies and CGT
Exposure draft legislation has also been released for the proposal to provide relief from CGT for policyholders of friendly societies that demutualise to for-profit entities.
For the exposure draft (and explanatory material), click here.
