Taxation Laws Amendment Act (No. 4) 2003 (66 of 2003)

Schedule 3   Non-assessable non-exempt income

Income Tax Assessment Act 1997

110   Paragraph 207-120(2)(b)

Repeal the paragraph, substitute:

(b) the distribution is:

(i) *exempt income of the entity under section 282B, 283 or 297B of the Income Tax Assessment Act 1936 (certain income derived by an eligible entity within the meaning of Part IX of that Act); or

(ii) *non-assessable non-exempt income of the entity under paragraph 320-37(1)(a) (segregated exempt assets) or paragraph 320-37(1)(d) (certain amounts received by a friendly society) of this Act;