Budget announcements

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Worthless shares

On 11 May 2004, as part of the Budget, the government announced proposed changes to the law allowing shareholders to choose to make a capital loss where any insolvency practitioner (not just a liquidator) declares in writing that shares are worthless. The new law would also apply to securities other than shares. The government's intention is that the change will apply to declarations made after the date the amending law receives royal assent.

Testamentary gifts

On 11 May 2004, as part of the Budget, the government announced that it proposes to remove the condition that a testamentary gift of property to a deductible gift recipient must be independently valued at greater than $5,000 before a CGT exemption can apply to the gift. The government's intention is that the change will apply to gifts made after the date the amending law receives royal assent.