Income Tax Assessment Act 1997
View history note
Hide history noteA payment is exempt from income tax if the payment:
(a) is made to a primary producer for the purposes of an agreement covered by subsection (2); and
(b) relates to storm damage sustained by the primary producer on or around 25 October 2018.
51-125(2)
An agreement is covered by this subsection if:
(a) the parties to the agreement are the Commonwealth and the Foundation for Rural and Regional Renewal; and
(b) the objective of the agreement is principally to assist primary producers affected by storms that occurred on or around 25 October 2018.
Note:
Payments may be made to primary producers by the Foundation for Rural and Regional Renewal, or by other entities on behalf of the Foundation.
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