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

Schedule 2   Storm assistance

Income Tax Assessment Act 1997

2   At the end of Division 51

Add:

51-125 2018 storms - relief payments

(1) A 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.

(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.