Tax Help for Flood Victims
The wake of the recent severe flooding in Queensland and elsewhere has brought about a bevy of announcements from authorities offering tax help to assist those in need.
The Government has announced that clean-up and recovery grants of up to $25,000 (paid to primary producers and small businesses directly affected by the flooding that has occurred since 29 November 2010) will be exempt from tax.
The Government has also confirmed that the Disaster Income Recovery Subsidy to assist small business persons, farmers, and employees, who have lost their income as a direct consequence of the flooding, will be tax-exempt.
Has your business been severely affected by the flooding? You may be eligible for tax help offered by the authorities. Please call our office for further information.
In response to the floods, the Commissioner has also announced that the Tax Office will allow deductions for "bucket donations" of up to $10 in individuals' 2010-11 tax returns without needing to keep a receipt.
