Commonwealth Consolidated Acts

TREASURY LAWS AMENDMENT (NORTH QUEENSLAND FLOOD RECOVERY) ACT 2019 - SCHEDULE 2

Income Tax Assessment Act 1997

1   Section   11 - 15 (after table item headed "defence")

Insert:

2   At the end of Division   51

Add:

51 - 125   2018 storms--relief payments

  (1)   A payment is exempt from income tax if the payment:

  (a)   is made to a primary producer for the purposes of an agreement covered by subsection   (2); and

  (b)   relates to storm damage sustained by the primary producer on or around 25   October 2018.

  (2)   An agreement is covered by this subsection if:

  (a)   the parties to the agreement are the Commonwealth and the Foundation for Rural and Regional Renewal; and

  (b)   the objective of the agreement is principally to assist primary producers affected by storms that occurred on or around 25   October 2018.

Note:   Payments may be made to primary producers by the Foundation for Rural and Regional Renewal, or by other entities on behalf of the Foundation.

3   Application

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