The Commonwealth Treasury has announced a review of tax laws governing native title entities. The Review has potentially far reaching implications for native title holders.
The paper succinctly canvasses the key Commonwealth tax issues relating to native title and proposes possible changes that may assist Indigenous economic development.
While the scope of the paper is explicitly limited to native title, the underlying principles may apply equally to other Indigenous held lands. Whether the Government is prepared to consider broadening the scope of its proposals is not yet known. Submissions on the consultation paper now close on 5 August 2010.
The paper and information about the review can be found at http://www.treasury.gov.au/contentitem.asp?NavId=037&ContentID=1809.