On 9 October 2011, the Assistant Treasurer, the Hon Bill Shorten MP released a discussion paper outlining the Government's proposed capital gains tax (CGT) relief for taxpayers affected by a natural disaster. This relief will remove CGT impediments to Australian government agency (Commonwealth, State, Territory or local) replacement asset programs that assist taxpayers that have been affected by a natural disaster. This relief will also address related CGT issues.
The Assistant Treasurer indicated that the Government would undertake consultation on the policy design of the amendments and that the discussion paper would form the basis of this consultation.