The Attorney-General, Mr Dreyfus, on Mon 18.3.2013, announced that the Government would establish a Treasury-led working group to examine the tax treatment of native title payments and how they can better benefit Indigenous communities now and into the future.
Mr Dreyfus said the Tax Laws Amendment (2012 Measures No 6) Bill 2012 [scheduled to be debated this week] seeks to provide certainty for native title holders and their partners in the minerals and other industries. [The Bill proposes that native title benefits will not be subject to income tax, including CGT.]
The working group will explore how to strengthen governance and promote sustainability in the management of native title payments. It would include native title and taxation experts and industry stakeholders.
Assistant Treasurer David Bradbury said the working group will consider a range of options to help hold, manage and distribute native title benefits. This will include the Indigenous Community Development Corporation model, which has been the product of significant work by the National Native Title Council, the MCA and leaders like Marcia Langton.
The working group will report to Government on options by 1 July 2013.
Source: Attorney-General’s media release, 18 March 2013
[LTN 52, 18/3/13]