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24 Jan 11 Tax exemption for business assistance payments paid to flood victims

In media release No 2011/016, issued 21 January 2011, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, announced that clean-up and recovery grants of up to $25,000, paid to primary producers and small businesses directly affected by the recent flooding that has occurred since 29 November 2010, will be exempt from tax as non-assessable, non-exempt income.

The Government has also confirmed that the Disaster Income Recovery Subsidy, which was announced by the Prime Minister on 10 January 2011, to assist employees, small business persons and farmers who have lost their income as a direct consequence of the flooding, will also be tax exempt.


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