Document ID: chunk:federal_register_of_legislation:C2025C00029:section:5:p21
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 5 (pt 21/32)
Character Range: 1433771–1436405

payments made under disaster recovery funding arrangements made by or on behalf of the Commonwealth.
 (2) A payment made to an entity, or a *non‑cash benefit provided to an entity, to the extent it would otherwise be assessable income of the entity, is also not assessable income and is not *exempt income if:
 (a) the payment or benefit relates to the bushfires commencing in Australia in the 2019‑20 financial year; and
 (b) the payment or benefit is of a kind prescribed by the regulations for the purposes of this subsection.
 (3) However, this section does not apply to:
 (a) a payment or benefit received in an individual's capacity as an employee or contractor (including a payment of an entitlement to paid leave); or
 (b) a workers' compensation payment; or
 (c) a payment of compensation or damages made to an entity as a result of an order of a court or tribunal or settlement of a claim.

59‑65  Water infrastructure improvement payments
 (1) A *SRWUIP payment, in respect of a *SRWUIP program, to an entity that is a participant in the program is not assessable income and is not *exempt income if:
 (a) the entity has made a choice under subsection (2) for the program; and
 (b) if the payment is an *indirect SRWUIP payment—the entity *derives the payment because it owns an asset (otherwise than under a *financial arrangement) to which the program relates.
Note: One of the requirements for a SRWUIP payment is for the SRWUIP program to be on the published list of SRWUIP programs for the day the payment is made (see subsection 59‑67(5)).
 (2) An entity may make a choice for a *SRWUIP program under this subsection if, in an income year:
 (a) the entity *derives a *SRWUIP payment in respect of the program but has not, in an earlier income year:
 (i) derived a SRWUIP payment in respect of the program; or
 (ii) incurred *SRWUIP expenditure in respect of the program; or
 (b) the entity incurs SRWUIP expenditure in respect of the program but has not, in an earlier income year:
 (i) derived a SRWUIP payment in respect of the program; or
 (ii) incurred SRWUIP expenditure in respect of the program.
Disregard subsection 26‑100(3) (about expenditure that is never SRWUIP expenditure) for the purposes of this subsection.
 (3) The choice must be:
 (a) made in the *approved form; and
 (b) made:
 (i) unless subparagraph (ii) or (iii) applies—on or before the day the entity lodges its *income tax return for the income year; or
 (ii) if the Commissioner makes an assessment of the entity's taxable income for the income year before the entity lodges its income tax return for the income year, and subparagraph (iii)