S 15-65 repealed by No 109 of 2014, s 3 and Sch 10 item 23, effective 17 October 2014. No 109 of 2014, s 3 and Sch 10 item 27 contains the following transitional provision:
amendment of assessments
Despite the repeals made by this Part, the following provisions continue to apply, on and after the commencement of this Part, in relation to amounts paid by way of a sugar industry exit grant before that commencement:
table item 1A in subsection
Income Tax Assessment Act 1936
Income Tax Assessment Act 1997
S 15-65 formerly read:
SECTION 15-65 Sugar industry exit grants
Your assessable income includes the amount of a sugar industry exit grant that you receive under the program known as the Sugar Industry Reform Program if, as a condition of receiving the grant, you entered into an undertaking not to become the owner or operator of a sugar industry
enterprise within 5 years after receiving the grant.
Your assessable income also includes the amount of a sugar industry exit grant that you receive under that program 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; and
you become the owner or operator of an agricultural enterprise (except a sugar industry enterprise) within that period.
The amount is included for the income year in which you receive it.
You will be required to repay the grant if you re-enter the sugar industry within the 5 year period. If you repay the grant in an income year after the year in which you receive it, section
will exclude the grant from your assessable income.
S 15-65 inserted by No 20 of 2004.