Summary
Amends the:
Income Tax Assessment Act 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;
Income Tax Assessment Act 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
Income Tax Assessment Act 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.