The Social Security Amendment (Supporting Australian Victims of Terrorism Overseas) Bill 2011 was on Thur 21.6.2012 passed by the House of Reps with 11 Government amendments and now moves to the Senate.
Among other things, the Bill proposes to enable Australians who are victims of a declared overseas terrorist incident to claim financial support of up to $75,000.
It would also amend the ITAA 1997 to insert a new s 52-10(1K) providing that an Australian Victim of Terrorism Overseas Payment (AVTOP) would be exempt from income tax.
The Government amendments provide that, for the purposes of any law of the Commonwealth, the Payment is not to be treated as being a payment of compensation or damages. They also provide that the AVTOP Principles may specify circumstances in which the amount of an AVTOP is nil.
[LTN 118, 21/6]
Bill passes Senate without amendment
The Social Security Amendment (Supporting Australian Victims of Terrorism Overseas) Bill 2011 was on Fri 22.6.2012, passed by the Senate without amendment and effectively awaits Royal Assent.
[LTN 119, 22/6]