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24 Feb 11 2011 Measures No 1 Bill introduced

On 24 February 2011, Tax Laws Amendment (2011 Measures No 1) Bill 2011 was introduced into the House of Representatives. The following is extracted from the Explanatory Memorandum:

SCHEDULE 1 to the Bill amends the ITAA 1997 to exempt from income tax the Disaster Income Recovery Subsidy paid to those affected by the floods that occurred in Australia on or after 29 November 2010 and those affected by Cyclone Yasi. Date of effect: 10 January 2011.

SCHEDULE 1 to the Bill also amends the ITAA 1997 to exempt from income tax 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. Date of effect: 31 January 2011.

SCHEDULE 2 to the Bill amends the ITAA 1997 to provide an exemption from income tax for Category C Natural Disaster Relief and Recovery Arrangements grants paid to small businesses and primary producers, where the Category C grant relates to flooding that occurred in Australia on or after 29 November 2010 and those small businesses and primary producers affected by Cyclone Yasi.

Date of effect: This measure applies to Category C grants paid to small businesses and primary producers, where the grant relates to flooding that occurred in Australia on or after 29 November 2010 and those small businesses and primary producers affected by Cyclone Yasi.

SCHEDULE 3 to the Bill increases the flexibility of the First Home Saver Accounts Act 2008 by allowing money in a First Home Saver Account to be paid into a genuine mortgage after the end of a minimum qualifying period (should the account-holder purchase a dwelling prior to the release conditions being satisfied) rather than requiring it to be transferred to a superannuation or retirement savings account.

Date of effect: The new rules apply only to persons who acquire a “qualifying interest” in a dwelling (as defined in section 12 of the First Home Saver Accounts Act 2008) after the commencement of the Bill.

In media release No 2011/035, issued 24 February 2011, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, commented on the contents of the Bill.

 


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