Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME  

Division 59 - Particular amounts of non-assessable non-exempt income  

Operative provisions  

SECTION 59-86   2019 floods - on-farm grant program for primary producers  

59-86(1)    
A payment is not assessable income and is not *exempt income if:

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

(b) the grant is for replacing or repairing farm infrastructure, restocking, replanting, or a similar purpose.

59-86(2)    
An agreement is covered by this subsection if:

(a) the agreement is entered into in the period between 1 February 2019 and 1 July 2019; and

(b) the parties to the agreement are the Commonwealth and a State or Territory; and

(c) the objective of the agreement is principally to assist primary producers impacted by floods commencing in Australia in the period between 25 January 2019 and 28 February 2019.