Proposed Amendments to the Tax Laws

The Government has introduced a Bill into Parliament which seeks, among other things, to:

• remove the CGT trust cloning exception and providing a limited CGT relief when transferring assets between two fixed trusts;
• update the list of deductible gift recipients to include two new organisations and change the name of one organisation; and
• exempt the Income Recovery Subsidy payments to North Western Queensland flood victims from income tax.

For the full explanatory memorandum, please click here.