The Government will make minor amendments to the 2011-12 Budget measure to ensure the proper functioning of the CGT provisions relating to deceased estates.
In particular, the proposed changes:
- reduce compliance costs involved with the integrity provisions by ensuring that the deceased’s tax return does not need to be amended as the taxing point will be recognised by the entity transferring the asset;
- modify application dates for two of the minor changes announced in the 2011-12 Budget to ensure that taxpayers are not disadvantaged; and
- broaden the scope of the integrity provisions to also apply to assets passing via survivorship.
Date of effect: The changes will apply with effect from Royal Assent.
Source: Budget Paper No 2 [pp 20-21]
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