Commonwealth Consolidated Acts

TAX LAWS AMENDMENT (2011 MEASURES NO. 1) ACT 2011 - SCHEDULE 2

Part   1 -- Main amendments

Income Tax Assessment Act 1997

1   Section   11 - 55 (at the end of the table item headed "disasters")

Add:

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.

Tax Laws Amendment (2009 Measures No.   2) Act 2009

3   Item   3 of Schedule   8

Repeal the item, substitute:

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

Omit:

Part   2 -- Sunsetting on 1   July 2014

Income Tax Assessment Act 1997

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

Repeal the item.

5   Section s   59 - 55 and 59 - 60

Repeal the section s .