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| 11 September 2010 | ||||||
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Tax – Merger AllocationManchester Unity is please to advise that following representations to the Federal Government it has agreed to change the tax rules relating to eligible members’ cash allocations. These changes have now been introduced into Parliament (a bill was introduced on 25 June 2009), although the changes have not yet become law. Based on the proposed law and preliminary valuation work, we expect that members will not have to include any taxable amount in their income tax returns. Instead, we expect that members will have a small tax capital loss as a result of disposing of their interest in Manchester Unity. Such losses cannot be claimed as deductions, but can be offset against taxable capital gains. The bill has not yet been passed and currently it is our intention that a letter will be issued to members with the residual cash allocation payments in mid August 2009. Download important information on Capital Gains Tax consequences> Refer your tax adviser to this information. The above comments are of a general nature only, and apply only to members who are Australian residents. Members should make their own enquiries and seek appropriate independent professional advice on their own circumstances. Click here for historical information. |
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