Tax Laws Amendment (Shipping Reform) Act 2012 (57 of 2012)
Schedule 1 Exempt shipping income
Income Tax Assessment Act 1997
3 After subsection 36-17(4)
Insert:
(4A) For subsection (3) or (4), if the entity has *exempt income under section 51-100 (about shipping) for the later income year, disregard 90% of so much of the entitys *net exempt income for the later income year as directly relates to that exempt income.