The Treasury Laws Amendment (2019-20 Bushfire Tax Assistance) Act 2020 (Act No 1 of 2020) (the “Act”) was assented to on 13 February 2020. The Bill was originally introduced to the House of Representatives on 5 February 2020 by Federal Treasurer, Josh Frydenberg.
The legislation exempts disaster relief payments being made to individuals and businesses impacted by the bushfires from tax. Under the new laws, “volunteers working with a fire service of a state or territory will not be subject to income tax on compensation payments for loss of income resulting from their work with their respective fire service in the 2019–20 financial year”.
In aof 29 December 2019, Prime Minister Scott Morrison announced:
Treasurer Josh Frydenberg also announced in a:
In the Treasurer's second reading speech, he said:
As outlined in the Bill’s Explanatory Memorandum (“EM”), the amendments to the Income Tax Assessment Act 1997 (“the Act”) are:
Thewas founded by the Business Council of Australia ("BCA") and Equity Trustees with its aim to assist the families of any registered volunteer in Australia who tragically loses their life through their volunteer work.
The("CRT") has been established with the broader aim of supporting the rebuilding of communities. It is to be part of a larger Community Rebuilding Initiative which will complement the .
The CRT will work to co-ordinate support from the business community such as providing employment opportunities for volunteers and those who have lost work as a result of the disasters, additional services for communities, reconstruction support and financial relief.
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Treasury Laws Amendment (2019-20 Bushfire Tax Assistance) Act 2020 (Cth), bill and supporting information available from TimeBase's LawOne Service.
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