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Australia To Exempt Disaster Payments From Tax

by Mary Swire, Tax-News.com, Hong Kong

21 March 2013


Disaster payments to those hit by the recent Australian floods and bushfires will be made exempt from income tax, the Assistant Treasurer has announced.

Introducing the Tax and Superannuation Laws Amendment (2013 Measures No. 2) Bill 2013, David Bradbury said these communities "deserve a helping hand to get them back on their feet." The changes will ensure that Government recovery payments made to households, small businesses and farmers will not be taxed. According to Bradbury, this will mean "more money in the pockets of those that need it most."

Earlier this year, the Government declared January's Victorian bushfires, Queensland floods and tornadoes, and New South Wales floods "disasters" for tax purposes. This means that donations to disaster relief funds, established in the aftermath of the event, will be tax deductible for a period of two years from the day the disaster occurred.

The legislation will be considered by Parliament over the coming weeks.

 

TAGS: environment | tax | small business | business | tax incentives | revenue guidance | Australia | legislation | tax reform

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