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

Schedule 3   Non-assessable non-exempt income

Taxation Administration Act 1953

141   Transitional

(1) Subparagraphs 207-120(1)(b)(ii) and 207-120(2)(b)(ii) of the Income Tax Assessment Act 1997 have effect during the period starting on 1 July 2002 and ending just before the start of the 2003-04 income year as if references in those subparagraphs to an amount being non-assessable non-exempt income were references to the amount being neither assessable income nor exempt income.

(2) Paragraphs 15-60(3)(b) and 320-112(3)(b) of the Income Tax Assessment Act 1997 have effect during any period starting before the start of the 2003-04 income year as if references in those paragraphs to an amount being non-assessable non-exempt income were references to the amount being neither assessable income nor exempt income.