Submission regarding extending the roll-over of units in a unit trust for shares in a company

On 16 December 2011 the Institute lodged a submission with Treasury regarding the extension of capital gains tax (CGT) roll-over relief for exchange of units for shares (Sub-division 124-H of the Income Tax Assessment Act 1997), to trading stock and revenue assets. The submission highlighted the need to ensure that revenue assets have access to rollover relief for both ‘ordinary assessable income’ and CGT purposes. It also called for other forms of CGT rollover relief to be extended to trading stock and revenue assets to ensure symmetry of tax treatment.

 

Article last Updated 23 April 2012