Treasury Laws Amendment (North Queensland Flood Recovery) Act 2019 (30 of 2019)

Schedule 1   Flood assistance

Income Tax Assessment Act 1997

2   At the end of Division 59

Add:

59-85 2019 floods - recovery grants for small businesses, primary producers and non-profit organisations

A payment is not assessable income and is not *exempt income if:

(a) for the purposes of the Disaster Recovery Funding Arrangements 2018 (set out in a determination made by the Minister for Law Enforcement and Cyber Security on 5 June 2018), the payment is a recovery grantmade to a small business, primary producer or non-profit organisation as part of a Category C or Category D measure; and

(b) the payment relates to floods commencing in Australia in the period between 25 January 2019 and 28 February 2019.

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

(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.

(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.