Taxation Laws Amendment (Structured Settlements and Structured Orders) Act 2002 (139 of 2002)

Schedule 1  

Part 3   Application provisions

Division 1   New Division 54 of the Income Tax Assessment Act 1997

Income Tax (Transitional Provisions) Act 1997

16   Section 53-1 (link note)

Repeal the link note, substitute:

Division 54 - Exemption for certain payments made under structured settlements and structured orders

Table of sections

54-1 Application of Division 54 of the Income Tax Assessment Act 1997

54-1 Application of Division 54 of the Income Tax Assessment Act 1997

(1) Division 54 of the Income Tax Assessment Act 1997 applies to assessments for the 2001-2002 income year and later income years.

(2) However, the Division does not apply unless the *date of the settlement or order is 26 September 2001 or a later date.