The National Native Title Council (NNTC) welcomes the passing of the Tax Laws Amendment (2012 Measures No. 6) Bill 2012. The Bill, which passed through the Senate yesterday evening, allows for payments and non-monetary benefits that are made under an agreement relating to native title to be exempt from the payment of tax.
“Native title payments are used to facilitate greater economic development for current and future generations of traditional owners, their families and communities”, said Brian Wyatt, CEO of the National Native Title Council.
“Having legislative measures in place to enable native title groups and their communities to fully participate in the economy not only benefits Indigenous people, but also the broader Australian community.
“An appropriate tax treatment on benefits from agreements means that native title groups can invest money for the benefits of future generations and ensure families can use funds to establish businesses, undertake community development projects and facilitate greater employment into the future”.
“The appropriate tax treatment of native title benefits will facilitate greater socio-economic activity for native title groups as well as assist in closing the gap between Indigenous and non-Indigenous communities,” said Mr Wyatt.
The NNTC is the peak body for native title representative bodies and service providers.