Income Tax Assessment Act 1997
View history note
Hide history noteA 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.
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CCH Note:
S 51-130 will be inserted by No 71 of 2026, s 3 and Sch 3 item 2, effective 1 October 2026 and applicable in relation to assessments for the 2025-26 income year and the next 9 income years. S 51-130 will read:
PNG Chiefs Limited
SECTION 51-130 PNG Chiefs Limited employment
51-130(1)
An amount of your
*
ordinary income or
*
statutory income is exempt from income tax if the amount is included in your ordinary income or statutory income for the 2025-26 income year or any of the next 9 income years and:
(a)
if the amount is ordinary income
-
the amount is derived from PNG Chiefs Limited in respect of your employment, or former employment, with PNG Chiefs Limited; or
(b)
if the amount is statutory income
-
the amount is from PNG Chiefs Limited in respect of your employment, or former employment, with PNG Chiefs Limited.
51-130(2)
Without limiting subsection
(1)
, an amount may be exempt under that subsection whether the amount is in the form of salary or wages, match fees, allowances, bonuses, benefits, or another form of remuneration.
51-130(3)
In this section:
means PNG CHIEFS LIMITED, a company:
(a)
incorporated under the
Companies Act 1997
of Papua New Guinea; and
(b)
with the registration number 1-122199282.
]
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