30 Jul 12 Tax Treatment of Native Title Benefits: release of exposure draft materials
In media release No 2012/079, issued 27 July 2012, the Assistant Treasurer and Minister Assisting for Deregulation, David Bradbury, announced the release of exposure draft legislation and explanatory material that the Government says will provide certainty about the way native title benefits interact with the income tax system.
The proposed measure clarifies that native title benefits, provided under the Native Title Act 1993, or under an agreement made under an Australian law to the extent that the payment or benefit relates to native title will not be subject to income tax.
The amendments will apply to native title benefits received on or after 1 July 2008.
The closing date for submissions is Friday 24 August 2012.