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Monday, 2 March 2015
Page: 1615


Mr PITT (Hinkler) (13:34): I wish to table a petition on behalf of Hinkler constituent Margaret Evans. It has been certified by the Petitions Committee as meeting all requirements. The petition contains 126 signatures and asks the House to waive the capital gains tax imposed on parents who gift property to their disabled children. The Evans family has expressed concern that any property gifted to a child with proven incurable and usually progressive medical conditions is still subject to capital gains tax. As it currently stands, gifting real estate to a family member results in the property transferring hands at market value, even if the parents have not received a cent. I understand their concern that most parents who are retiring do not have the means to pay the tax. They have worked hard to ensure their disabled child has a roof over their head when they are gone.

Even if the child wanted to pay the tax on behalf of their parents, people with disabilities are typically ineligible for bank loans as they are unable to work. I understand capital gains requirements are largely dependent on individual circumstances, but I will not go into the Evans family's situation here today. However, I acknowledge the difficult situation they are in. Waiving such a tax would obviously have budgetary implications, but I wonder whether in such cases the rollover rules can apply, so that the tax is deferred until the disabled child sells the home. I congratulate Margaret and Leigh Evans on exercising their democratic right with this petition and I look forward to the minister's response.

The petition read as follows—

To the Honourable The Speaker and Members of the House of Representatives

This petition of concerned citizens of Australia draws to the attention of the House to the Capital Gains Tax placed on parents/carers 'gifting' property, when no funds are involved, to disabled child(ren) with proven, incurable, and usually progressive, medical condition(s).

We therefore ask the House to waive the 'Capital Gains Tax' in this case.

from 127 citizens

Petition received.