On 25 May 2011, the Tax Laws Amendment (2011 Measures No 1) Act 2011 received the Royal Assent. It is Act No 31 of 2011.
The Act amends:
- ITAA 1997 to exempt from income tax: the Disaster Recovery Subsidy paid to those affected by the floods in Australia during the summer of 2010-11 and by Cyclone Yasi; and ex-gratia payments to New Zealand non-protected special category visa holders for a disaster that occurred in Australia during the 2010-11 financial year;
- ITAA 1997 and Tax Laws Amendment (2009 Measures No 2) Act 2009 to exempt from income tax certain payments paid to small businesses and primary producers affected by the floods in Australia during the summer of 2010-11 and by Cyclone Yasi; and
- First Home Saver Accounts Act 2008 and ITAA 1997 to enable money in a First Home Saver Account to be paid into a genuine mortgage after the end of a minimum qualifying period.
For the text of the Bill as introduced go here
For the Explanatory Memorandum go here