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> > > > Income tax on capital gains (capital gains tax)

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Capital gains tax - limiting the trading stock exception for superannuation funds

In the 2011-12 Budget the government proposed to remove the trading stock exception to the capital gains tax (CGT) provisions, in relation to the taxation of specified assets of complying superannuation entities.

This measure will ensure that gains or losses on the specified assets (primarily shares, units in a trust and land) of complying super entities are subject to CGT with effect from 7.30pm (AEST) 10 May 2011.

Transitional rules will also be in place to ensure that assets held or accounted as trading stock before the budget announcement are unaffected.

Legislation and supporting material

The legislation received royal assent on 27 June 2012.

More information

Refer to Budget Measures 2011-12.

Last Modified: Thursday, 8 November 2012

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