Thursday, January 27, 2011 The ATO will allow deductions without a receipt for donations up to $10.00 made to 'bucket appeals' for the recent floods in Victoria. The ATO reminded taxpayers that to be deductible the donation must be made to a deductible gift recipient.
Thursday, January 27, 2011 The Australian Federal 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 recent flooding that has occurred since Monday 29 November 2010, will be exempt from tax. In light of the extraordinary hardship suffered by those affected by the recent flooding, the government has decided to make these payments non-assessable, non-exempt income.
The government has also confirmed that the Disaster Income Recovery Subsidy, which was announced by the Prime Minister, The Hon. Julia Gillard, on Monday 10 January, to assist employees, small business persons and farmers who have lost their income as a direct consequence of the flooding, will also be tax-exempt.