Printable version

INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION

PART 2-15 - NON-ASSESSABLE INCOME

View history reference

View history note Hide history note View history notes

History Pt 2-15 (heading) substituted by No 66 of 2003. Pt 2-15 inserted by No 121 of 1997.

Division 51 - Exempt amounts

View history reference

View history note Hide history note View history notes

History Div 51 inserted by No 121 of 1997.

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.

View history note Hide history note View history notes

History S 51-100 inserted by No 57 of 2012, s 3 and Sch 1 item 4, applicable in relation to shipping activities that take place on or after 1 July 2012.