Taxation Laws Amendment Act (No. 2) 2004 (20 of 2004)

Schedule 4   Sugar industry exit grants

Income Tax Assessment Act 1997

4   At the end of Division 15

Add:

15-65 Sugar industry exit grants

(1) Your assessable income includes the amount of a sugar industry exit grant that you receive under the program known as the Sugar Industry Reform Program if, as a condition of receiving the grant, you entered into an undertaking not to become the owner or operator of a sugar industry *enterprise within 5 years after receiving the grant.

(2) Your assessable income also includes the amount of a sugar industry exit grant that you receive under that program if:

(a) as a condition of receiving the grant, you entered into an undertaking not to become the owner or operator of any agricultural *enterprise within 5 years after receiving the grant; and

(b) you become the owner or operator of an agricultural enterprise (except a sugar industry enterprise) within that period.

(3) The amount is included for the income year in which you receive it.

Note: You will be required to repay the grant if you re-enter the sugar industry within the 5 year period. If you repay the grant in an income year after the year in which you receive it, section 59-30 will exclude the grant from your assessable income.