A number of primary producers in the Fassifern Valley, Queensland suffered property damage including significant damage to crops from severe storms on 25 October 2018.
The government will provide grants to fund payments to affected producers.
The payments are exempt income from 1 July 2018. Therefore, you do not include them in your assessable income when you work out your taxable income for the 2019 financial year.
The payment may however reduce your tax losses for the financial year in which you receive the payment.
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A number of primary producers in the Fassifern Valley, Queensland suffered property damage, including significant damage to crops, from severe storms on 25 October 2018.