Document ID: chunk:federal_register_of_legislation:C2010C00602:clause:4_4
Version: federal_register_of_legislation:C2010C00602
Segment Type: clause
Provision Reference: sch 4 cl 4
Character Range: 10184–11367

4  At the end of Division 15
Add:

15‑65  Sugar industry exit grants

 (1) Your assessable income includes the amount of a sugar industry exit grant that you receive under the program known as the Sugar Industry Reform Program if, as a condition of receiving the grant, you entered into an undertaking not to become the owner or operator of a sugar industry *enterprise within 5 years after receiving the grant.

 (2) Your assessable income also includes the amount of a sugar industry exit grant that you receive under that program if:
 (a) as a condition of receiving the grant, you entered into an undertaking not to become the owner or operator of any agricultural *enterprise within 5 years after receiving the grant; and
 (b) you become the owner or operator of an agricultural enterprise (except a sugar industry enterprise) within that period.

 (3) The amount is included for the income year in which you receive it.

Note: You will be required to repay the grant if you re‑enter the sugar industry within the 5 year period. If you repay the grant in an income year after the year in which you receive it, section 59‑30 will exclude the grant from your assessable income.