Tax Laws Amendment (2012 Measures No. 6) Act 2013 (84 of 2013)

Schedule 1 Tax treatment of native title benefits

Insert:

118-77 Native title and rights to native title benefits

(1) A *capital gain or *capital loss you make is disregarded if:

(a) you are an *Indigenous person or an *Indigenous holding entity; and

(b) you make the gain or loss because one of the following things happens in relation to a *CGT asset mentioned in subsection (2):

(i) you transfer the CGT asset to one or more entities that are either Indigenous persons or Indigenous holding entities;

(ii) you create a trust, that is an Indigenous holding entity, over the CGT asset;

(iii) your ownership of the CGT asset ends, resulting in *CGT event C2 happening in relation to the CGT asset.

(2) The *CGT assets are as follows:

(a) *native title;

(b) the right to be provided with a *native title benefit.

Note: Paragraph (a) does not require a determination of native title under the Native Title Act 1993.