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Tax Laws Amendment (2008 Measures No. 2) Bill 2008

Schedule 10 Tobacco industry exit grants

   

Income Tax Assessment Act 1997

1  Section 11-10 (table item headed “sugar industry exit grants”)

Repeal the item.

2  Section 11-15 (before table item headed “copyright collecting societies”)

Insert:

agricultural industry exit grants

 

sugar industry exit grants..........................................................

53-10

tobacco industry exit grants.....................................................

53-10

3  Section 53-10 (after table item 4B)

Insert:

4C          

Tobacco industry exit grant

The program known as the Tobacco Growers Adjustment Assistance Programme 2006

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

4  At the end of subsection 118-37(1)

Add:

                   ; (g)  a tobacco industry exit grant that you receive under the program known as the Tobacco Growers Adjustment Assistance Programme 2006 if, 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.

5  Application of amendments

The amendments made by this Schedule apply to tobacco industry exit grants received in the 2006-07 income year and later income years.