Document ID: chunk:federal_register_of_legislation:C2023C00260:clause:2_2
Version: federal_register_of_legislation:C2023C00260
Segment Type: clause
Provision Reference: sch 2 cl 2
Character Range: 6338–7110

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.