Commonwealth Consolidated Acts Commonwealth Consolidated Acts
1 Certain Commonwealth payments relating to Cyclones Larry and Monica are non - assessable, non - exempt income
(1) Each of the following payments that you receive from the Commonwealth in your 2005 - 06 or 2006 - 07 income year is not assessable income and is not exempt income:
(a) a payment associated with what is known as the Cyclone Larry Business Assistance Fund and made because your business was adversely affected by Cyclone Larry;
(b) a payment known as fuel excise relief and connected with your use of fuel to generate electricity for your business while supply of electricity through the grid to your business was disrupted as a result of Cyclone Larry;
(c) a payment associated with what is known as the Cyclone Larry Business Assistance Fund, or with what is known as the Cyclones Monica and Larry Business Assistance Fund, and made because your business was adversely affected by flooding due to the combined impacts of Cyclones Monica and Larry.
Note: This item does not deal with payments of income support to farmers and small business owners affected by Cyclone Larry or Cyclone Monica that are rebatable benefits under section 160AAA of the Income Tax Assessment Act 1936 .
(2) A term used in this item and in the Income Tax Assessment Act 1997 has the same meaning in this item as it has in that Act.