Taxation Laws Amendment Act (No. 4) 2003 (66 of 2003)
Schedule 3 Non-assessable non-exempt income
Income Tax Assessment Act 1997
89 At the end of Part 2-15
Add:
Division 59 Particular amounts of non-assessable non-exempt income
Guide to Division 59
59-1 What this Division is about
This Division details particular amounts that are non-assessable non-exempt income.
Table of sections
Operative provisions
59-5 Bonus payments made to certain older Australians
59-10 Compensation under firearms surrender arrangements
59-15 Mining payments
59-20 Taxable amounts relating to franchise fees windfall tax
59-25 Taxable amounts relating to Commonwealth places windfall tax
[This is the end of the Guide.]
Operative provisions
59-5 Bonus payments made to certain older Australians
A payment made to you under the A New Tax System (Bonuses for Older Australians) Act 1999 is not assessable income and is not *exempt income.
59-10 Compensation under firearms surrender arrangements
A payment made to you by way of compensation under *firearms surrender arrangements for any loss of business is not assessable income and is not *exempt income.
59-15 Mining payments
(1) These are not assessable income and are not *exempt income:
(a) a *mining payment made to a *distributing body;
(b) a mining payment made to one or more *Aboriginals, or applied for their benefit.
(2) A payment:
(a) made to a *distributing body; or
(b) made to one or more *Aboriginals, or applied for their benefit;
is not assessable income and is not *exempt income if the payment is made by a *distributing body out of a *mining payment that it has received.
(3) A payment made to a *distributing body by another distributing body, out of a *mining payment received by the other distributing body, is taken to be a mining payment for the purposes of:
(a) any further applications of subsection (2); and
(b) any further applications of this subsection.
(4) Subsection (2) does not apply to a payment by a *distributing body for the purposes of meeting its administrative costs.
(5) This section does not apply to an amount paid to or applied for the benefit of a person if it is remuneration or consideration for goods or services provided by that person.
59-20 Taxable amounts relating to franchise fees windfall tax
Taxable amounts on which tax is imposed by the Franchise Fees Windfall Tax (Imposition) Act 1997 are not assessable income and are not *exempt income.
59-25 Taxable amounts relating to Commonwealth places windfall tax
Taxable amounts on which tax is imposed by the Commonwealth Places Windfall Tax (Imposition) Act 1998 are not assessable income and are not *exempt income.