Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 2

3............ Schedule(s)......................................................................................... 2

Schedule 1--Tax exemption for payments to individuals for recent disasters     3

Part 1--Main amendments                                                                                         3

Income Tax Assessment Act 1997                                                                              3

Part 2--Sunsetting on 1 July 2014                                                                         5

Income Tax Assessment Act 1997                                                                              5

Schedule 2--Tax exemption for recovery grants for the 2010-11 floods and Cyclone Yasi        6

Part 1--Main amendments                                                                                         6

Income Tax Assessment Act 1997                                                                              6

Tax Laws Amendment (2009 Measures No. 2) Act 2009                                      7

Part 2--Sunsetting on 1 July 2014                                                                         8

Income Tax Assessment Act 1997                                                                              8

Schedule 3--First Home Saver Accounts                                                                9

First Home Saver Accounts Act 2008                                                                      9

Income Tax Assessment Act 1997                                                                            18

 

 

 

Tax Laws Amendment (2011 Measures No. 1) Act 2011

No. 31, 2011

 

An Act to amend the law relating to taxation and the First Home Saver Accounts Act 2008, and for related purposes

[Assented to 25 May 2011]

The Parliament of Australia enacts:

[Minister's second reading speech made in--

House of Representatives on 24 February 2011

Senate on 25 March 2011]