Treasury Laws Amendment (2021 Measures No. 3) Act 2021 (61 of 2021)

Schedule 4   Recovery grants for 2021 floods and storms

Income Tax Assessment Act 1997

2   After section 59-97

Insert:

59-99 2021 floods and storms - recovery grants

A payment is not assessable income and is not *exempt income if:

(a) for the purposes of the Disaster Recovery Funding Arrangements 2018 (set out in a determination made by the Minister for Law Enforcement and Cyber Security on 5 June 2018), the payment is a recovery grant made to a small business or primary producer as part of a Category D measure; and

(b) the payment relates to:

(i) floods commencing in Australia as a consequence of rainfall events occurring in the period between 19 February 2021 and 31 March 2021; or

(ii) storms occurring in Australia in that period.