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Second Reading Speeches

Treasury Laws Amendment (North Queensland Flood Recovery) Bill 2019

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
45

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Summary

Amends the

Income Tax Assessment Act 1997
to: make certain flood recovery grants and restocking, replanting and farm infrastructure grants non-assessable non-exempt income if they relate to flooding that commenced in the period between 25 January and 28 February 2019 in North Queensland; and exempt from income tax certain payments to primary producers that relate to storm damage sustained on or around 25 October 2018. Also establishes a special appropriation of $1.75 billion to enable the implementation of a loan scheme to provide urgent assistance for eligible primary producers affected by the floods in Northern Queensland in 2019.