Taxation Laws Amendment Act (No. 1) 2003 (12 of 2003)

Schedule 2   CGT exemption for certain compensation payments

Income Tax Assessment Act 1997

1   At the end of section 118-37

Add:

(4) A *capital gain or *capital loss you make from a payment you receive is disregarded if:

(a) you are an *Australian resident; and

(b) you receive the payment:

(i) under the program known as the "German Forced Labour Compensation Programme"; and

(ii) from the Foundation known as "Remembrance, Responsibility and Future" or any of the Foundation's partner organisations; and

(c) the payment is in the nature of compensation for:

(i) any wrong or injury; or

(ii) any loss of, or damage to, property;

that you, or another person, suffered as a result of injustices committed during the National Socialist period.