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Tax office extends time for CGT determinations



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Nat 98/69

TAX OFFICE EXTENDS TIME FOR CGT DETERMINATIONS

Public entities that are required to make determinations as to whether pre-capital gains tax (CGT) assets retain their pre-CGT status now have further time to complete their determinations.

“All public entities will have until one month from the date of Ro>ai Assent of the amending legislation to make any determinations they may be required to make,” Tax Commissioner Michael Carmody said today.

"This announcement formalises the extension of time announced by the Treasurer on 12 May 1998, when details of the proposed legislative amendments were also released.”

Under Division 20 of Pan ΙΠΑ of the Income Tax Assessment Act 1936, at Division 149. of. the __ Income Tax Assessment Act 1997. 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-CGT assets as at 20 January 1997 and.at the time οΤηη> abnormal trading___________

A public entity's assets will cease to be treated as pre-CGT assets if it has been shown that there has been a change of fifty per cent or more in the underlying ownership of the assets between 19 September 1985 and the particular test time. —

“Public entities should continue to ensure that they have records of the underlying ownership of their pre-CGT assets as at 20 January 1997 and any other time to enable them to .make the determination when required,'" Mr Carmody said.

CANBERRA 18 December 1998

Further Information: Corporate Affairs and Marketing (02) 6216 1901 0411 182 433