Weekly Tax Highlights - 20th - 24th April 1998

The week in review:

Section 160ZZSA deadline extended - The Commissioner of Taxation has extended the deadline for completion of s160ZZSA testing by public entities in relation to the 20 January 1997 test time to 30 June 1998. Broadly, this CGT provision operates to deem a company's pre-CGT assets as having been acquired after CGT was introduced, where there has been a substantial change in shareholders.

Trust losses - The trust loss legislation received Royal Assent on 16 April 1998. This means that affected taxpayers until 15 August 1998 to lodge amended income tax returns to reflect the new trust loss rules without incurring penalties or interest.

New strategy to tackle cash economy - The Commissioner of Taxation announced that a compliance model that complements the Taxpayer's Charter will be introduced as a new approach to dealing with the cash economy.