Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A payment is not assessable income and is not * exempt income if:
(a) for the purposes of an agreement covered by subsection (2), the payment is a grant made to a primary producer; and
(b) the grant is for replacing or repairing farm infrastructure, restocking, replanting, or a similar purpose.
(2) An agreement is covered by this subsection if:
(a) the agreement is entered into in the period between 1 February 2019 and 1 July 2019; and
(b) the parties to the agreement are the Commonwealth and a State or Territory; and
(c) the objective of the agreement is principally to assist primary producers impacted by floods commencing in Australia in the period between 25 January 2019 and 28 February 2019.