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Tax office extends time for CGT test



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Nat 98/18

TAX OFFICE EXTENDS TIME FOR CGT TEST

The Tax Office has extended until the 30 June 1998 the time public entities have to complete making any determination required, under Division 20 of Part ΠΙΑ of the Income Tax Assessment Act 1956> as to whether their pre-capital gains tax (CGT) assets retain their pre-CGT status, Tax Commissioner Michael Carmody announced today.

Under Division 20, all public entities, including public companies and their wholly owned subsidiaries, and publicly traded unit trusts, are required to trace the underlying ownership of their pre-capital gains tax assets and give a snapshot as at 20 January 1997, every 5 years thereafter, and at the time o f any abnormal trading.

A public entity’s assets will cease to be treated as a pre-CGT asset if the test shows there has been a fifty percent or more change in the underlying ownership o f the assets between 19 September 1985 and the particular test time.

CANBERRA 24 April 1998

Further Information: Corporate Affairs and marketing (02) 6216 1901 '

0411 182 433