Commonwealth Consolidated Acts

TAX LAWS AMENDMENT (2009 MEASURES NO. 2) ACT 2009 - SCHEDULE 8

Part   1 -- Amendments commencing on Royal Assent

Income Tax Assessment Act 1997

1   Section   11 - 55 (after table item headed "demutualisation of private health insurers")

Insert:

2   At the end of Division   59

Add:

59 - 50   Clean - up and Restoration Grants for 2009 Victorian bushfires

    The following payments administered by the Rural Finance Corporation of Victoria in relation to the Victorian bushfires of 2009 are not assessable income and are not * exempt income:

  (a)   Clean - up and Restoration Grants for primary producers;

  (b)   Clean - up and Restoration Grants for small businesses.

Part   2 -- Sunsetting on 1   July 2011

Income Tax Assessment Act 1997

3   Section   11 - 55 (table item headed "disasters")

Omit:

4   Section   59 - 50

Repeal the section.

Part   3 -- Application provision

5   Application of Part   1 amendments

The amendments made by Part   1 of this Schedule apply in relation to:

  (a)   the 2008 - 09 income year; and

  (b)   the 2009 - 10 income year.