05 Aug 09 Reform of special disability trusts tax treatment
In a joint media release issued on 4 August 2009, the Assistant Treasurer, Senator Nick Sherry, and the Parliamentary Secretary for Disabilities, Bill Shorten, announced the release of a consultation paper on proposed reforms to the tax treatment of special disability trusts to ease the financial burden on people with disabilities as well as their carers and families.
The proposed reforms were announced in the 2009-10 Budget, and
- ensure the unexpended income of a special disability trust is taxed at the beneficiary's personal income tax rate, rather than automatically at the top personal tax rate plus Medicare Levy;
- extend the capital gains tax main residence exemption to special disability trusts.
The consultation period ends on 31 August 2009.
For a copy of the joint media release, No 2009/021, 4 August 2009, go here
For a copy of the consultation paper, go here