INCOME TAX ASSESSMENT ACT 1997
CHAPTER 2 - 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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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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