12 Aug 13 Sustainable rural water use and infrastructure program
On 18 February 2011, the government announced it would seek amendments to ITAA 1997 to eliminate the timing discrepancy between when payments are taxed and when deductions are available for grant applicants under the Sustainable Rural Water Use and Infrastructure Program (SRWUIP). A capital gains tax exemption for payments under the SRWUIP would form a part of the measure.
Legislation implementing the change has now received Royal Assent and has been backdated to 1 April 2010. The ATO has now published the administrative treatment that it will apply as a result of the change.