INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 1AA - Exemption from income tax: payments under the Social Security Act 1991 and the Veterans' Entitlements Act 1986, and similar payments  

Subdivision IA - Exemption from income tax - drought relief payment under the Farm Household Support Act 1992  

SECTION 24AIB   DROUGHT RELIEF PAYMENT  

24AIB(1)   [Tax treatment of payments]  

The treatment of instalments of drought relief payment under the Farm Household Support Act 1992 is as follows:

(a) the supplementary amount is exempt;

(b) the balance is not exempt.

24AIB(2)   [Exempt payments]  

Payments under paragraph 49(b) of the Farm Household Support Act 1992 are exempt to the extent to which they are attributable to an instalment of drought relief payment under that Act.