Tax Laws Amendment (Shipping Reform) Act 2012 (57 of 2012)
Schedule 1 Exempt shipping income
Income Tax Assessment Act 1997
3 After subsection 36-17(4)
Insert:
(4A) For subsection (3) or (4), if the entity has *exempt income under section 51-100 (about shipping) for the later income year, disregard 90% of so much of the entity’s *net exempt income for the later income year as directly relates to that exempt income.
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
