Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Income Tax Assessment Act 1997
1 Section 11 - 10 (table item headed "sugar industry exit grants")
Repeal the item.
2 Section 11 - 15 (before table item headed "copyright collecting societies")
Insert:
agricultural industry exit grants |
|
sugar industry exit grants......... .................. | 53 - 10 |
tobacco industry exit grants......... ................ | 53 - 10 |
3 Section 53 - 10 (after table item 4B)
Insert:
4C | Tobacco industry exit grant | The program known as the Tobacco Growers Adjustment Assistance Programme 2006 | As a condition of receiving the grant, you entered into an undertaking not to become the owner or operator of any agricultural * enterprise within 5 years after receiving the grant |
4 At the end of subsection 118 - 37(1)
Add:
; (g) a tobacco industry exit grant that you receive under the program known as the Tobacco Growers Adjustment Assistance Programme 2006 if, as a condition of receiving the grant, you entered into an undertaking not to become the owner or operator of any agricultural * enterprise within 5 years after receiving the grant.
5 Application of amendments
The amendments made by this Schedule apply to tobacco industry exit grants received in the 2006 - 07 income year and later income years.