Taxation Laws Amendment Act (No. 4) 2003 (66 of 2003)

Schedule 3   Non-assessable non-exempt income

Income Tax Assessment Act 1936

27   Subsection 59(2AAA)

Repeal the subsection, substitute:

(2AAA) For the purposes of the application of subsection (2), any amount by which consideration receivable under firearms surrender arrangements exceeds the depreciated value of a surrendered item of property is not assessable income and not exempt income of the taxpayer.

Note: Firearms surrender arrangements has the meaning given by subsection 6(1).