Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME  

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History

Pt 2-15 (heading) substituted by No 66 of 2003.

Pt 2-15 inserted by No 121 of 1997.

Division 51 - Exempt amounts  

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Div 51 inserted by No 121 of 1997.

SECTION 51-120  

51-120   Interest on unclaimed money and property  

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The following amounts are exempt from income tax:

(a) an amount of interest paid under paragraph 69(7AA)(b) of the Banking Act 1959 ;

Note:

An amount of interest paid under paragraph 69(7AA)(a) of the Banking Act 1959 is not ordinary income or statutory income.

(b) an amount of interest paid under subsection 1341(3A) of the Corporations Act 2001 ;

(c) - (d) (Repealed by No 70 of 2015)

(e) an amount of interest paid under paragraph 216(7A)(b) of the Life Insurance Act 1995 .

Note:

An amount of interest paid under paragraph 216(7A)(a) of the Life Insurance Act 1995 is not ordinary income or statutory income.

Note:

For interest paid under the Superannuation (Unclaimed Money and Lost Members) Act 1999 , see subsections 307-142(3B) and (3C) .

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S 51-120 amended by No 70 of 2015, s 3 and Sch 1 item 70, by repealing para (c) and (d), effective 1 July 2015. Para (c) and (d) formerly read:

(c) an amount of interest paid under subsection 51C(1A) of the First Home Saver Accounts Act 2008 ;

(d) an amount an * FHSA provider contributes or pays under paragraph 51C(2)(b) of the First Home Saver Accounts Act 2008 because it receives an amount under subsection 51C(1A);

S 51-120 inserted by No 88 of 2013, s 3 and Sch 1 item 34, effective 1 July 2013.

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