Consistent with the Morrison Coalition Government’s continuing efforts to reduce the regulatory burden on businesses, the Board of Taxation has been requested to undertake a review into Australia’s system of capital gains tax rollovers and associated provisions.
The terms of reference for the review asks the Board to focus on considering practical ways to simplify existing rollovers.
The Board has been asked to report to Government by 30 November 2020. The terms of reference can be found on the Board of Taxation's website.
The Government also thanks the Board, and those who have participated in the consultation processes, for their work on the following reports, which are now available on the Board’s website;
- Reforming Individual Tax Residency Rules: a model for modernisation
- Review of Small Business Tax Concessions
- Introducing Asset Merger Rollover Relief
- Income Tax Treatment of Certain Forms of Deferred Consideration
The Government will continue to consider the implications of the Board’s findings as these reports constitute valuable contribution to public debate on important tax issues.