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.