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In the 2011-12 Federal Budget, the government announced it will ensure gains and losses arising from life insurance policies that are generally exempted from capital gains tax (CGT) are not taxed under the income tax provisions. This will be done by removing the exception to the 'CGT primary code' rule for such gains and losses.

In the 2012-13 Federal Budget, the government announced it will make minor extensions to the CGT exemptions for certain compensation payments and insurance policies.

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

The ATO has published the administrative treatment that it will apply pending the enactment of the changes.


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