Taxation Laws Amendment Act (No. 3) 1997 (147 of 1997)

Schedule 6   Treatment of payments made under firearms surrender arrangements

Part 1   Amendment of the Income Tax Assessment Act 1936

5   After subsection 59(2)

Insert:

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

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