| Disclaimer This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law. You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of your private ruling
Authorisation Number: 1012396049137
This edited version of your ruling will be published in the public register of private binding rulings after 28 days from the issue date of the ruling. The attached private rulings fact sheet has more information.
Please check this edited version to be sure that there are no details remaining that you think may allow you to be identified. If you have any concerns about this ruling you wish to discuss, you will find our contact details in the fact sheet.
Ruling
Subject: Natural disaster relief and recovery grant
Question
Are payments that are received under the natural disaster relief and recovery grant taxable?
Answer
No.
This ruling applies for the following period
Year ended 30 June 2012
The scheme commences on
1 July 2011
Relevant facts and circumstances
You and your spouse were affected by a natural disaster.
You and your spouse applied for and received a Natural Disaster Relief and Recovery Grant - Primary Producer.
The grant is administered through a state government department.
You made a drawing on the grant and the funds were credited into your jointly held bank account.
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 59-55
Reasons for decision
Under section 59-55 of the Income Tax Assessment Act 1997 a recovery grant paid to a primary producer as a result of the floods that occurred in Australia on or after 29 November 2010 is non-assessable non-exempt income.
As the grant is deemed to be non-assessable non-exempt under legislation, the amount is not required to be include anywhere in either of your tax returns.