21 Oct 10 Consultations on tax treatment of native title agreements and payments
In a joint media release No 2010/006, issued 20 October 2010, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, together with the Attorney-General and the Minister for Families, Housing, Community Services and Indigenous Affairs, announced the continuation of the national consultations on the tax treatment of native title and possible reforms to native title agreement processes.
The Native Title, Indigenous Economic Development and Tax discussion paper outlines the interaction between native title, Indigenous economic development and the income tax system and sets out possible reform approaches. The paper also discusses how existing deductible gift recipient categories could be adapted to reflect the needs of Indigenous communities.
Written submissions close on 30 November 2010.