10 Oct 11 No CGT for properties in natural disaster land swap programs
In media release No 2011/137, issued 9 October 2011, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, announced that any property owners with investment properties involved in the Lockyer Valley Regional Council's land swap program will be eligible for CGT relief as part of the Government's ongoing work to assist people affected by the floods last summer.
It is estimated about 40% of the properties eligible to be swapped as part of the program are investment properties.
This measure applies generally to CGT events happening on or after 1 July 2011.
A brief explanation of the changes is included in the Attachment to the media release. A discussion paper providing further detail on these changes and information on how to make a submission is available here
The closing date for submissions is Friday, 11 November 2011.