Income Tax Assessment Act 1997
View history note
Hide history noteA 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.
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