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

Schedule 3   Non-assessable non-exempt income

Income Tax Assessment Act 1936

48   At the end of section 271-105 in Schedule 2F

Add:

(3) The amount of the reduction is not assessable income and is not exempt income.

Note: The heading to section 271-105 in Schedule 2F is replaced by the heading " Amounts subject to family trust distribution tax not assessable ".