• Forestry managed investment schemes

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    There are specific CGT rules where secondary investors or subsequent participants hold forestry managed investment scheme (FMIS) interests on capital account. These rules apply to FMIS interests sold or disposed of in the 2007-08 income year and later income years.

    For more information see the Guide to capital gains tax 2011.

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    Demutualisation of friendly societies

    The tax law was changed on 18 September 2009 to provide relief from CGT for policy holders of friendly societies (including joint health and life insurers) except where the policy holders received an amount of money. This change in law applies from 1 July 2008.

    If you are a policyholder of a friendly society that demutualised in 2008-09 and:

    • you received an amount of money in 2008-09 or 2009-10 as a result of the demutualisation, and
    • you followed the advice we provided on our web site about the tax treatment of that money

    then you might need to review your 2008-09 tax return.

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    Last modified: 29 Jun 2011QC 28011