Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 51.125

  (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.