Exposure Draft - Removal Of Income Tax Impediments Affecting Special Disability Trusts

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Abstract:

On 10 May 2011, the Assistant Treasurer, the Hon Bill Shorten MP and the Parliamentary Secretary for Disabilities and Carers, Senator Jan McLucas, jointly announced that the Government will introduce legislation to remove further income tax barriers that impede families from making financial contributions to a Special Disability Trust (SDT).

• This was an extension of the relief announced in the 2009-10 Budget that extended the capital gains tax main residence exemption to SDTs.

Following public consultation on the policy design of these changes, the Assistant Treasurer and the Parliamentary Secretary for Disabilities and Carers jointly announced the release of an exposure draft of legislation and a draft explanatory memorandum for public consultation on these two measures.

Making a submission

Interested parties are invited to comment on the exposure draft package. While submissions may be lodged electronically, by post or by facsimile, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Friday, 12 August 2011

Address written submissions to:
The General Manager
Business Tax Division
The Treasury
Langton Crescent
PARKES ACT 2600

Fax: (02) 6263 4352

For enquiries, please call Paul McMahon (02) 6263 3385.

Documents Available:

 Acrobat (PDF)

 Microsoft Word (RTF)

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