The 2011-12 Budget included a measure to provide greater consistency in the application of the scrip for scrip roll-over in the capital gains tax provisions and the small business concessions. Broadly, this measure replaces references to 'beneficial ownership' in these provisions with references to 'ownership' to ensure that the scrip for scrip roll-over and small business concessions apply appropriately to taxpayers.
The measure will also impact indirectly on the definition of an 'associated producer' in the A New Tax System (Wine Equalisation Tax) Act 1999.
Following public consultation on the policy design of these changes, the Government has developed draft legislation to implement these measures. An exposure draft of the legislation and explanatory material are now available.