Australian property owners involved in the Lockyer Valley Regional Council's land swap program can apply for capital gains tax relief as part of ongoing efforts to assist people affected by last year's floods.
The move could provide necessary help for the families whose homes were damaged after the natural disaster, who under current law may have to pay when a property they own is destroyed or disposed of.
Applying to events occurring after July 1st this year, the relief allows taxpayers to choose an exemption when they participate in an Australian government agency program that provides replacement assets to those affected by the floods.
Bill Shorten, assistant treasurer and minister for financial services and superannuation, also claimed individuals will be able to maintain pre-capital gains tax status on their replacement asset so they are not placed at a disadvantage.
"Flood affected property owners can get back on track without having to worry about paying capital gains tax on their original property," he added.
Last month, Mr Shorten revealed that the application of the goods and service tax to newly constructed residential properties will not apply before January 27th of this year.
Posted by Ravin Chatlani
The move could provide necessary help for the families whose homes were damaged after the natural disaster, who under current law may have to pay when a property they own is destroyed or disposed of.
Applying to events occurring after July 1st this year, the relief allows taxpayers to choose an exemption when they participate in an Australian government agency program that provides replacement assets to those affected by the floods.
Bill Shorten, assistant treasurer and minister for financial services and superannuation, also claimed individuals will be able to maintain pre-capital gains tax status on their replacement asset so they are not placed at a disadvantage.
"Flood affected property owners can get back on track without having to worry about paying capital gains tax on their original property," he added.
Last month, Mr Shorten revealed that the application of the goods and service tax to newly constructed residential properties will not apply before January 27th of this year.
Posted by Ravin Chatlani
