Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Income Tax Assessment Act 1936
1 After Subdivision IA of Division 1AA of Part III
Insert:
Subdivision IB -- Exemption from income tax: farm household support converted into grants under the Farm Household Support Act 1992
(1) An amount of farm household support that was, before or at the commencement of this section, converted into a grant under the Farm Household Support Act 1992 is exempt, and is taken always to have been exempt.
(2) Subsection (1) does not apply to the 1997 - 98 year of income or any subsequent year of income.
Note: Section 53 - 25 of the Income Tax Assessment Act 1997 applies instead.
2 Subsection 160AAA(1) (after paragraph (da) of the definition of rebatable benefit )
Insert:
(db) paid by way of a grant of financial assistance as farm household support under the Farm Household Support Act 1992 ; or
Income Tax Assessment Act 1997
3 Section 11 - 15 (table item headed "social security or like payments", after the entry relating to exceptional circumstances relief)
Insert:
farm household support payment made by way of a grant of financial assistance.............................................. |
|
farm household support converted into a grant................ | 24AIC and 53 - 25 |
4 Section 13 - 1 (after table item headed "exceptional circumstances relief")
Insert:
farm household support |
5 Section 13 - 1 (table item headed "primary production", after the entry relating to exceptional circumstances relief payments)
Insert:
farm household support see social security and other benefit payments |
|
6 Section 13 - 1 (table item headed "social security and other benefit payments", after the entry relating to exceptional circumstances relief payments)
Insert:
farm household support under the Farm Household Support Act 1992 ..................................................... |
|
7 Section 53 - 10 (after table item 4)
Insert:
4A | Farm household support payment made by way of a grant of financial assistance | Only the supplementary amount is exempt (see section 53 - 15) |
8 At the end of section 53 - 15
Add:
(2) The supplementary amount of a farm household support payment to a person is the total of:
(a) so much of the payment as is included by way of rental assistance; and
(b) so much of the payment as would have been included by way of remote area allowance if it had been a payment of newstart allowance under the Social Security Act 1991 or of youth training allowance under the Student and Youth Assistance Act 1973 .
9 Section 53 - 20 (link note)
Repeal the link note, substitute:
53 - 25 Amounts of farm household support converted into grants
An amount of farm household support that was converted into a grant under section 52 or 54A of the Farm Household Support Act 1992 is exempt from income tax.
[The next Division is Division 55 . ]
10 Section 995 - 1 (definition of supplementary amount , table item 1)
Omit "or payment of restart income support", substitute ", payment of restart income support or payment of farm household support".
11 Application
Items 3 to 10 (inclusive) apply in relation to the 1997 - 98 income year and all subsequent income years.