S 24F repealed by No 53 of 2015, s 3 and Sch 1 item 1, applicable in relation to the 2016-17 income year and later income years. S 24F formerly read:
SECTION 24F EXEMPTION FROM TAX OF CERTAIN INCOME DERIVED FROM SOURCES OUTSIDE AUSTRALIA
24F(1)
Subject to subsections (2), (3) and (4), this section applies to:
(a)
income derived (otherwise than as a trustee) from sources outside Australia by a person being a Territory resident or by a company being a Territory company in relation to the year of income; and
(b)
income derived from sources outside Australia by a trustee of a trust that is a Territory trust in relation to the year of income.
History
S 24F(1) substituted by No 12 of 1979.
24F(2)
This section does not apply to income consisting of a dividend paid by a company that is a resident of Australia other than a company that is a resident of Australia by reason only because the definition of
Australia
includes a reference to the prescribed Territory.
History
S 24F(2) amended by No 2 of 2015, s 3 and Sch 4 item 14, by substituting
"
because the definition of
Australia
includes a reference to the prescribed Territory
"
for
"
of the operation of subsection 7A(2)
"
, applicable to an income year, a year of income or a tax period that commences on or after 1 July 2015.
S 24F(2) amended by No 108 of 1981.
24F(3)
Subject to subsection (4), this section does not apply to income if the Commissioner is satisfied that the income has been, or may be, applied for the benefit of a person not being a Territory resident, or for the benefit of a company not being a Territory company in relation to the year of income of the company in which the income has been or may be applied.
24F(4)
Subsection (3) does not exclude the operation of this section in relation to any income if the Commissioner is satisfied that the application of the income as mentioned in that subsection resulted, or would result, from an agreement or transaction that was a genuine commercial or family dealing and was not entered into or effected for the purpose, or for purposes that included the purpose, of avoiding liability to taxation.
Note:
Section 960-255 of the
Income Tax Assessment Act 1997
may be relevant to determining family relationships for the purposes of subsection (4).
History
S 24F(4) amended by No 144 of 2008, s 3 and Sch 14 item 9, by inserting the note at the end, applicable in relation to the 2009-2010 year of income and later years of income.
24F(5)
Income to which this section applies is exempt from income tax.
S 24F inserted by No 164 of 1973.
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