INCOME TAX ASSESSMENT ACT 1997
LIABILITY RULES OF GENERAL APPLICATION
Pt 2-15 (heading) substituted by No 66 of 2003.
Pt 2-15 inserted by No 121 of 1997.
Div 51 inserted by No 121 of 1997.
An amount paid by way of interest on a judgment debt, whether payable under an *Australian law, or otherwise, is exempt from income tax if:
(a) the judgment debt arose from a judgment (the
) given by, or entered in, a court for an award of damages for personal injury; and
(b) the amount is in respect of the whole or any part of the period:
(i) beginning at the time of the original judgment, or, if the judgment debt is taken to have arisen at an earlier time, at that earlier time; and
(ii) ending when the original judgment is finalised.
S 51-57(1) amended by
No 143 of 2007
, s 3 and Sch 7 item 35, by substituting
an *Australian law
a law of the Commonwealth, a State or Territory
, effective 24 September 2007.
For the purposes of subsection (1), an original judgment is
at whichever of the following times is applicable:
(a) if the period for lodging an appeal against either the original judgment or a subsequent related judgment ends without an appeal being lodged
the end of the period;
(b) if an appeal from either the original judgment or a subsequent related judgment is lodged and final judgment on the appeal is given by, or entered in, a court
when the final judgment takes effect;
(c) if an appeal from either the original judgment or a subsequent related judgment is lodged but is settled or discontinued
when the settlement or discontinuance takes effect.
For the purposes of paragraph (2)(b), a judgment is a
(a) no appeal lies against the judgment; or
(b) leave to appeal against the judgment has been refused.
S 51-57 (renumbered from s 51-55 by No 136 of 2002) and inserted by No 58 of 2000.