Income Tax Assessment Act 1997
View history note
Hide history noteAn entity ' s * ordinary income * derived during an income year (the present year), or * statutory income for the present year, is exempt from income tax to the extent that it is from * shipping activities that:
(a) relate to a vessel for which the entity has a * shipping exempt income certificate for the present year; and
(b) take place on a day (a certified day ) to which the certificate applies.
Note:
For the days to which the certificate applies, see subsection 8(5) of the Shipping Reform (Tax Incentives) Act 2012.
51-100(2)
Subsection (1) does not apply to * ordinary income * derived from, or * statutory income from, * incidental shipping activities relating to the vessel if:
Total incidental shipping income > 0.25 % of total core shipping income
where:
total core shipping income
means the sum of the entity
'
s:
(a) * ordinary income * derived from * core shipping activities relating to the vessel on the certified days (see paragraph (1)(b)); and
(b) * statutory income from those activities on those days.
total incidental shipping income
means the sum of the entity
'
s:
(a) * ordinary income * derived from * incidental shipping activities relating to the vessel on the certified days (see paragraph (1)(b)); and
(b) * statutory income from those activities on those days.
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