INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 1AA - Exemption from income tax: payments under the Social Security Act 1991 and the Veterans' Entitlements Act 1986, and similar payments  

Subdivision IB - Exemption from income tax: farm household support converted into grants under the Farm Household Support Act 1992  

SECTION 24AIC   FARM HOUSEHOLD SUPPORT  

24AIC(1)   [Converted amounts are exempt]  

An amount of farm household support that was, before or at the commencement of this section, converted into a grant under the Farm Household Support Act 1992 is exempt, and is taken always to have been exempt.

24AIC(2)   [No application from 1997/98 year onwards]  

Subsection (1) does not apply to the 1997-98 year of income or any subsequent year of income.

Note:

Section 53-25 of the Income Tax Assessment Act 1997 applies instead.