Chartered Accountants ANZ (CA ANZ) has lodged a submission on the Board of Taxation’s second consultation paper for its review of CGT roll-overs. CA ANZ commends the work done by the Board members to consult on the issues with the existing roll-overs available for restructures and supports the notion of rationalising the various CGT roll-overs into a single general business restructure roll-over.

The impact of COVID-19 on Australian businesses and the economy has meant that reforms to the existing business restructure roll-overs has taken on greater urgency as businesses are reconsidering their business restructures now. Therefore, we recommend that rather than rushing a substantial reform of the CGT roll-over framework for restructures, the Board of Taxation should look at making targeted amendments to the existing CGT roll-over provisions that are causing practical issues with business restructuring as an initial step, with the goal of consolidating the CGT roll-overs further down the track.