In the 2019–20 Budget, the government announced support for small businesses, primary producers and not-for-profit organisations affected by the North Queensland monsoonal trough flooding between 25 January 2019 and 28 February 2019 by providing them with certain non-assessable, non-exempt grants.
Recovery grants
Small businesses, primary producers and not-for-profit organisations affected by these monsoonal trough flooding may be eligible to receive special disaster recovery grants.
These grants are non-assessable, non-exempt income from 1 July 2018. Therefore, you do not pay tax on the grants.
See also
- Special Disaster Assistance Recovery Grants – Primary ProducerExternal Link
- Special Disaster Assistance Recovery Grants – Small BusinessExternal Link
- Special Disaster Assistance Recovery Grants – Non-profit organisationExternal Link
Restocking, replanting and farm infrastructure grants
Primary producers may be eligible to receive certain grants for replacing or repairing farm infrastructure, restocking or replanting, or a similar purpose. These grants are non-assessable, non-exempt income for the 2018–19 financial year and later financial years. Therefore, you do not pay tax on the grants.
The above two types of grants are non-assessable, non-exempt income and do not affect your taxable income.
See also
- Dealing with disasters
- North Queensland Restocking, Replanting & On-farm Infrastructure GrantsExternal Link
- Assistance payments