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In the 2011-12 Federal Budget, the Government announced it will ensure that gains and losses arising from life insurance policies that are generally exempted from CGT are not then taxed under the ordinary income tax provisions by removing the exception to the "CGT primary code" rule for such gains and losses.

These changes will apply to CGT events happening in the 2005-06 income year and later income years.

The ATO has now advised the administrative treatment it will apply pending passage of the amending legislation.


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