Income Tax Assessment Act 1936
If:
(a) at a particular time, all of the income of a taxpayer is wholly exempt from income tax; and
(b) immediately after that time, the taxpayer ' s income becomes to any extent assessable income;
then:
(c) the taxpayer is a transition taxpayer ; and
(d) the time when the taxpayer ' s income becomes to that extent assessable is the transition time ; and
(e) the year of income in which the transition time occurs is the transition year for the taxpayer.
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