192J Exemption in respect of electricity costs emergency benefit payment

Summary

This section provides an exemption from income tax for an electricity costs emergency benefit payment made under the Electricity Costs (Domestic Electricity Accounts) Emergency Measures Act 2022.

Details

(1) Subsection (1) provides that an electricity costs emergency benefit payment made under section 5(2) of the Electricity Costs (Domestic Electricity Accounts) Emergency Measures Act 2022 on or after 1 January 2022 and on or before 31 December 2022 shall be exempt from income tax and shall not be reckoned in computing total income for the purposes of the Income Tax Acts.

(2) Subsection (2) provides that “electricity costs emergency benefit payment” has the same meaning as it has in the Electricity Costs (Domestic Electricity Accounts) Emergency Measures Act 2022.

Relevant Date: Finance Act 2024