Tax and Superannuation Laws Amendment (2014 Measures No. 7) Act 2015 (21 of 2015)

Schedule 3   CGT exemption for compensation and insurance

Income Tax Assessment Act 1997

3   Paragraphs 118-37(1)(a) and (b)

Repeal the paragraphs, substitute:

(a) compensation or damages you receive for:

(i) any wrong or injury you suffer in your occupation; or

(ii) any wrong, injury or illness you or your *relative suffers personally;

(b) compensation or damages you receive as the trustee of a trust (other than a trust that is a *complying superannuation entity) for:

(i) any wrong or injury a beneficiary of the trust suffers in his or her occupation; or

(ii) any wrong, injury or illness a beneficiary of the trust, or the beneficiary's relative, suffers personally;

(ba) a *CGT asset you receive, as a beneficiary of a trust, from the trustee of the trust to the extent that the CGT asset is attributable to compensation or damages that the trustee receives as described in paragraph (b) for:

(i) any wrong or injury you suffer in your occupation; or

(ii) any wrong, injury or illness you or your relative suffers personally;