The ATO has released an updated version of Practice Statement Law Administration PS LA 2003/12, amended as at 10 April 2014. The Statement deals with the CGT treatment of a trustee of a testamentary trust for the purposes of Div 128 of the ITAA 1997. The amendments to PS LA 2003/12 update the Preamble and insert a new para to provide further clarity on the administrative practice.
[LTN 72, 15/4/14]