The Assistant Treasurer, the Hon Bill Shorten MP, announced on 10th May, 2011 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).
These changes will ease the financial burden on families by assisting them to provide for the care and accommodation needs of a person with severe disability the Assistant Treasurer said.
To make SDTs more beneficial for families, the Government will:
1. Provide a capital gains tax (CGT) exemption for assets transferred into an SDT for no consideration
2. Backdate the application of the 2009 Budget measure that provides a CGT main residence exemption for SDTs to 2006-07.
3. Provide a CGT exemption for the recipient of the principal beneficiary's main residence, if disposed of within two years of the principal beneficiary's death
4. Ensure equivalent taxation treatment amongst SDTs established under different Acts.
These changes will apply from the 2006/07 income year to align with when SDTs were first able to be established.
Parliamentary Secretary for Disability and Carers, Senator Jan McLucas, said "By removing these barriers, SDTs will become more attractive for families looking to provide for the long-term care of a family member with severe disability."
Please refer to this link for full article:http://ministers.treasury.gov.au/DisplayDocs.aspx?doc=pressreleases/2011/070.htm&pageID=003&min=brs&Year=&DocType=0
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