Business restructure changes announced

On 12 October 2012, the Treasury released for comment Exposure Draft Legislation and Explanatory Memorandum that will remove certain income tax impediments for business restructures. In particular, these changes will provide for tax-free exchanges of units in a trust exchanges or shares in a company for shares in another company, where the original units or shares are trading stock or held on revenue account.
The tax-free outcome is provided by including in assessable income an amount eq…