Treasury Laws Amendment (North Queensland Flood Recovery) Act 2019

No. 30, 2019

Compilation No. 1

Compilation date: 15 September 2023

Includes amendments up to: Act No. 69, 2023

Registered: 28 September 2023

About this compilation

This compilation

This is a compilation of the Treasury Laws Amendment (North Queensland Flood Recovery) Act 2019 that shows the text of the law as amended and in force on 15 September 2023 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self - repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

1 Short title 1

2 Commencement 1

3 Schedules 2

Schedule 1—Flood assistance 3

Income Tax Assessment Act 1997 3

Schedule 2—Storm assistance 5

Income Tax Assessment Act 1997 5

Endnotes 6

Endnote 1—About the endnotes 6

Endnote 2—Abbreviation key 8

Endnote 3—Legislation history 9

Endnote 4—Amendment history 10

An Act to make provision in relation to certain aspects of flood and storm related assistance, and for related purposes

1 Short title

This Act is the Treasury Laws Amendment (North Queensland Flood Recovery) Act 2019.

2 Commencement 1

Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information	Commencement information	Commencement information
Column 1	Column 2	Column 3
Provisions	Commencement	Date/Details
1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table	The day this Act receives the Royal Assent.	5 April 2019
2. Schedules 1 and 2	The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent.	1 July 2019
3. Schedule 3	The day after this Act receives the Royal Assent.	6 April 2019

Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

2

Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3 Schedules

Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Flood assistance

Income Tax Assessment Act 1997

1 Section 11-55 (after table item headed “demutualisation of private health insurers”)

Insert:

2 At the end of Division 59

Add:

59-85 2019 floods—recovery grants for small businesses, primary producers and non-profit organisations

A payment is not assessable income and is not *exempt income if:

a

(a) for the purposes of the Disaster Recovery Funding Arrangements 2018 (set out in a determination made by the Minister for Law Enforcement and Cyber Security on 5 June 2018), the payment is a recovery grant made to a small business, primary producer or non-profit organisation as part of a Category C or Category D measure; and

b

the payment relates to floods commencing in Australia in the period between 25 January 2019 and 28 February 2019.

59-86 2019 floods—on-farm grant program for primary producers 1

A payment is not assessable income and is not *exempt income if:

a

for the purposes of an agreement covered by subsection (2), the payment is a grant made to a primary producer; and

b

the grant is for replacing or repairing farm infrastructure, restocking, replanting, or a similar purpose.

2

An agreement is covered by this subsection if:

a

the agreement is entered into in the period between 1 February 2019 and 1 July 2019; and

b

the parties to the agreement are the Commonwealth and a State or Territory; and

c

the objective of the agreement is principally to assist primary producers impacted by floods commencing in Australia in the period between 25 January 2019 and 28 February 2019.

3 Application

The amendments made by this Schedule apply to assessments for the 2018-19 income year and later income years.

Storm assistance

Income Tax Assessment Act 1997

1 Section 11-15 (after table item headed “defence”)

Insert:

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.

3 Application

The amendments made by this Schedule apply to assessments for the 2018-19 income year and later income years.

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under Legislation Act 2003.section 15V of the

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history