S 23GA repealed by
No 143 of 2007
, s 3 and Sch 7 item 9, effective 24 September 2007. S 23GA formerly read:
SECTION 23GA INTEREST ON JUDGMENT DEBT RELATING TO PERSONAL INJURY
23GA(1)
An amount derived during a year of income by way of interest on a judgment debt, whether payable under a law of the Commonwealth, a State or a Territory, or otherwise, is exempt from income tax if:
(a)
the judgment debt arose from a judgment (the
original judgment
) given by, or entered in, a court for an award of damages for personal injury; and
(b)
the amount is in respect of the whole or any part of the period:
(i)
beginning at the time of the original judgment, or, if the judgment debt is taken to have arisen at an earlier time, at that earlier time; and
(ii)
ending when the original judgment is finalised.
23GA(2)
For the purposes of subsection (1), an original judgment is
finalised
at whichever of the following times applies:
(a)
if the period for lodging an appeal against either the original judgment or a subsequent related judgment ends without an appeal being lodged
-
the end of the period;
(b)
if an appeal from either the original judgment or a subsequent related judgment is lodged and final judgment on the appeal is given by, or entered in, a court
-
when the final judgment takes effect;
(c)
if an appeal from either the original judgment or a subsequent related judgment is lodged but is settled or discontinued
-
when the settlement or discontinuance takes effect.
23GA(3)
For the purposes of paragraph (2)(b), a judgment is a
final judgment
if:
(a)
no appeal lies against the judgment; or
(b)
leave to appeal against the judgment has been refused.
S 23GA inserted by No 58 of 2000.
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