Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME  

Division 59 - Particular amounts of non-assessable non-exempt income  

Operative provisions  

SECTION 59-99  

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.