Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME  

Division 59 - Particular amounts of non-assessable non-exempt income  

Operative provisions  

SECTION 59-60   2019-20 bushfires - disaster relief payments and non-cash benefits  

59-60(1)  
A payment made to an entity, or a *non-cash benefit provided to an entity, to the extent it would otherwise be assessable income of the entity, is not assessable income and is not *exempt income if:


(a) the payment has been made or the benefit provided directly as a result of the bushfires commencing in Australia in the 2019-20 financial year; and


(b) the purpose of the payment or benefit is to provide the entity with relief from, or assist the entity in recovering from, the effects of the bushfires; and


(c) the payment is made, or the benefit is provided, by:


(i) the Commonwealth; or

(ii) a State or Territory; or

(iii) a municipal corporation; or

(iv) a *local governing body.
Note:

Payments covered by this subsection would include Disaster Recovery Allowance paid under the Social Security Act 1991 and payments made under disaster recovery funding arrangements made by or on behalf of the Commonwealth.

59-60(2)  
A payment made to an entity, or a *non-cash benefit provided to an entity, to the extent it would otherwise be assessable income of the entity, is also not assessable income and is not *exempt income if:


(a) the payment or benefit relates to the bushfires commencing in Australia in the 2019-20 financial year; and


(b) the payment or benefit is of a kind prescribed by the regulations for the purposes of this subsection.

59-60(3)  
However, this section does not apply to:


(a) a payment or benefit received in an individual ' s capacity as an employee or contractor (including a payment of an entitlement to paid leave); or


(b) a workers ' compensation payment; or


(c) a payment of compensation or damages made to an entity as a result of an order of a court or tribunal or settlement of a claim.


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