Income Tax Point-in-Time Service Updates

The Income Tax Point-in-Time Service has been updated to include the Treasury Laws Amendment (2019-20 Bushfire Tax Assistance) Act 2020 (Cth) (Act 1 of 2020).

Act 1 of 2020

Schedule 1 to the Act amends the ITAA 1997 to make government support payments to volunteer firefighters in relation to the 2019-20 bushfires non-assessable non-exempt income; and all relief and recovery payments and benefits provided by Australian governments in relation to the 2019-20 bushfires non-assessable non-exempt income.

Schedule 2 to the Act amends the ITAA 1997 to allow the following entities to be deductible gift recipients under the income tax law:

• Australian Volunteers Support Trust; and
• Community Rebuilding Trust.    

These amendments have been updated in the Point-in-Time Income Tax Service current to 16 February 2020. (NB: subscription required).

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