Media Release - NSW Taxi Council Accepts Proposed Package
The NSW Taxi Council has accepted the revised package offered by the NSW Government following late night deliberations with the Board. The decision was made in response to a number of discussions with Taxi licence owners and industry representatives which were held throughout yesterday following the NSW Government's announcement of an increased package for Taxi Licence Owners.
CEO, NSW Taxi Council, Martin Rogers said, “Considering the 7 years that licence owners have already been waiting for compensation, understanding that an independent expert could take up to 2 years to determine a compensation amount and that there are only two weeks left of Parliament before it finishes. The Board of Taxis NSW has made the decision to accept the proposed package from the NSW Government, with the proviso that the payments are linked to CGT (Capital Gains Tax) to minimise Tax payable, as achieved in Victoria.”
An excerpt from the Tax ruling for Victoria states that “The payments are not ordinary income because the payments are made as consideration for the cancellation of taxi-cab or hire car licences which brings those assets to an end. The payment should be included in the calculation of the capital gain or capital loss that is made by the licence holder on the cancellation of the taxi-cab or hire car licence(s).”
We now ask the Minister to introduce the legislation and have this completed by the time Parliament concludes.
$150K per licence up to 6 licences
Region 1: $195K
Region 2: $115K
Region 3: $85K
Region 4: $40K
Regional licences are uncapped.
For any media enquiries, please contact Nick Abrahim, Deputy Chief Executive Officer at the NSW Taxi Council, Email – email@example.com or call 02 8339 4644.
Please see below a downloadable copy of the Media Release