24 Sep 1414 Treasury consultation - CGT exemption for compensation and insurance
On 23 September 2014, Treasury released for public consultation an exposure draft of legislation to give effect to minor amendments to the operation of the CGT provisions in the ITAA 1997.
In particular, the measure ensures a CGT exemption is available to trustees and beneficiaries who receive compensation or damages for certain insurance policies. The amendments also ensure that the CGT exemption available to a trustee of a superannuation entity covers insurance policies related to injuries or illness.
The closing date for submissions is Tuesday 21 October 2014.