A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME    View history reference

Division 51 - Exempt amounts    View history reference

SECTION 51-100  Shipping  

 View history reference

51-100(1)  

An entity's *ordinary income *derived during an income year (the present year), or *statutory income for the present year, is exempt from income tax to the extent that it is from *shipping activities that:


(a) relate to a vessel for which the entity has a *shipping exempt income certificate for the present year; and


(b) take place on a day (a certified day) to which the certificate applies.

Note:

For the days to which the certificate applies, see subsection 8(5) of the Shipping Reform (Tax Incentives) Act 2012.

51-100(2)  

Subsection (1) does not apply to *ordinary income *derived from, or *statutory income from, *incidental shipping activities relating to the vessel if:

Total incidental shipping income > 0.25% of total core shipping income

where:

total core shipping income means the sum of the entity's:


(a) *ordinary income *derived from *core shipping activities relating to the vessel on the certified days (see paragraph (1)(b)); and


(b) *statutory income from those activities on those days.

total incidental shipping income means the sum of the entity's:


(a) *ordinary income *derived from *incidental shipping activities relating to the vessel on the certified days (see paragraph (1)(b)); and


(b) *statutory income from those activities on those days.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page