INCOME TAX ASSESSMENT ACT 1997
| CHAPTER 2
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LIABILITY RULES OF GENERAL APPLICATION |
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History
Pt 2-15 (heading) substituted by No 66 of 2003. Pt 2-15 inserted by No 121 of 1997. |
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History
Div 51 inserted by No 121 of 1997. |
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.
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.
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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. |
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