Tax Laws Amendment (2011 Measures No. 1) Act 2011 (31 of 2011)

Schedule 2   Tax exemption for recovery grants for the 2010-11 floods and Cyclone Yasi

Part 1   Main amendments

Income Tax Assessment Act 1997

2   At the end of Division 59

Add:

59-55 2010-11 floods - recovery grants for small businesses and primary producers

Payments under the Natural Disaster Relief and Recovery Arrangements (set out in a determination made by the Minister for Local Government, Territories and Roads on 21 February 2007) are not assessable income and are not*exempt income, if:

(a) the payments are part of a Category C measure (within the meaning of the determination); and

(b) the Category C measure relates to the floods that occurred in Australia during the period that:

(i) occurred during the 2010-11*financial year; and

(ii) started on 29 November 2010; and

(c) the payments are:

(i) recovery grants for small businesses; or

(ii) recovery grants for primary producers.

59-60 Cyclone Yasi - recovery grants for small businesses and primary producers

Payments under the Natural Disaster Relief and Recovery Arrangements (set out in a determination made by the Minister for Local Government, Territories and Roads on 21 February 2007) are not assessable income and are not*exempt income, if:

(a) the payments are part of a Category C measure (within the meaning of the determination); and

(b) the Category C measure relates to Cyclone Yasi; and

(c) the payments are:

(i) recovery grants for small businesses; or

(ii) recovery grants for primary producers.