Commonwealth Consolidated Acts

TREASURY LAWS AMENDMENT (NORTH QUEENSLAND FLOOD RECOVERY) ACT 2019 - SCHEDULE 1

Income Tax Assessment Act 1997

1   Section   11 - 55 (after table item headed "demutualisation of private health insurers")

Insert:

2   At the end of Division   59

Add:

59 - 85   2019 floods--recovery grants for small businesses, primary producers and non - profit organisations

    A payment is not assessable income and is not * exempt income if:

  (a)   for the purposes of the Disaster Recovery Funding Arrangements 2018 (set out in a determination made by the Minister for Law Enforcement and Cyber Security on 5   June 2018), the payment is a recovery grant made to a small business, primary producer or non - profit organisation as part of a Category C or Category D measure; and

  (b)   the payment relates to floods commencing in Australia in the period between 25   January 2019 and 28   February 2019.

59 - 86   2019 floods--on - farm grant program for primary producers

  (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.

3   Application

The amendments made by this Schedule apply to assessments for the 2018 - 19 income year and later income years.