Queensland primary producers who received one of several disaster recovery grants will not be required to pay income tax on those payments from the 2018/19 income year. In certain circumstances, some small businesses and not-for-profit organisations will also have an income tax exemption under the disaster recovery grants.
This 2019 federal budget announcement, which has been passed by both houses of parliament, also introduces special funds for low interest loans for eligible primary producers. Farmers eligible for the scheme would have been affected by the North Queensland floods, and the scheme will be available for three years.
Recently, it was announced that the application for these grants have been extended to 29 November 2019.
More information can be found on the Queensland Government media release: http://statements.qld.gov.au/Statement/2019/9/10/recovery-grants-extended-for-north-queensland-floods