Tax Laws Amendment (Norfolk Island CGT Exemption) Bill 2016 – passed the Senate on 3 March 2016 and obtained Royal Assent on 18.3.16 as Act No 20 of 2016.

It amends the Income Tax (Transitional Provisions) Act 1997 to exempt assets held by Norfolk Island residents before 24 October 2015 from CGT.

This has to do with changing the grandfathering of CGT assets on bringing Norfolk Island into the Australian tax net – as is explained further in this previous Tax Month article.

[APH website] [LTN 42, 3/3/16]