Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME  

Division 51 - Exempt amounts  

SECTION 51-125   2018 storms - relief payments  

51-125(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.

51-125(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.


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.