| Disclaimer This edited version has been archived due to the length of time since original publication.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: 1012525813165
Ruling
Subject: Income- Other
Question
Are the assistance payments you received in regards to a natural disaster exempt income?
Answer
Yes.
This ruling applies for the following periods:
Year ended 30 June 2013
The scheme commenced on
1 July 2012
Relevant facts and circumstances
You were affected by a natural disaster in Month 20XX.
You received a disaster payment as a result of this natural disaster.
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 6-20.
Income Tax Assessment Act 1997 Section 11-15.
Income Tax Assessment Act 1997 Section 51-30.
Reasons for decision
Subsection 6-20(1) of the Income Tax Assessment Act 1997 (ITAA 1997) states that an amount of ordinary income or statutory income is exempt income if it is made exempt from income tax by a provision of this Act or another Commonwealth law.
These provisions are listed in section 11-15 of the ITAA 1997. Included in the list are payments received in relation to a disaster occurring between Month 20XX and Month 20XX being considered exempt income.
Consequently, the payment you received, in relation to a disaster, is exempt income.