By taxconnect on
Thursday, August 18, 2011
The Australian Taxation Office (ATO) on Monday ruled that taxpayers can no longer presume asset sales made by trusts will be eligible for the 50% CGT discount.
This Tax Determination (TD 2011/21) flags the intention of the Tax Office to target trusts and capital gains. http://law.ato.gov.au/atolaw/view.htm?docid=TXD/TD201121/NAT/ATO/00001
It is vital that you keep proper documentation to support a particular investment plan in respect of the various share portfolios that you may have. You should also seek taxation advice if you are unsure of your position.