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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

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

Division 59 - Particular amounts of non-assessable non-exempt income    View history reference

Operative provisions  

SECTION 59-50  Native title benefits  

 View history reference

59-50(1)  

To the extent that a *native title benefit would otherwise be included in your assessable income, it is not assessable income and is not *exempt income if you are an *Indigenous person or an *Indigenous holding entity.

59-50(2)  

To the extent that an amount, or other benefit, arising directly or indirectly from a *native title benefit would otherwise be included in your assessable income, it is not assessable income and is not *exempt income if you are an *Indigenous person or an *Indigenous holding entity.

59-50(3)  

Neither subsection (1) nor (2) applies to an amount, or benefit, to the extent that it:


(a) is for the purposes of meeting the provider's administrative costs; or


(b) is remuneration or consideration for the provision of goods or services.

59-50(4)  

Subsection (2) does not apply to an amount, or benefit, to the extent that it arises directly or indirectly:


(a) from so much of:


(i) the *native title benefit; or

(ii) an amount, or benefit, arising directly or indirectly from the native title benefit;
as is not *non-assessable non-exempt income of an entity because of this section; or


(b) from an entity investing any or all of:


(i) the native title benefit; or

(ii) an amount, or benefit, arising directly or indirectly from the native title benefit.

59-50(5)  

A native title benefit is an amount, or *non-cash benefit, that:


(a) arises under:


(i) an agreement made under an Act of the Commonwealth, a State or a Territory, or under an instrument made under such an Act; or

(ii) an ancillary agreement to such an agreement;
to the extent that the amount or benefit relates to an act that would extinguish *native title or that would otherwise be wholly or partly inconsistent with the continued existence, enjoyment or exercise of native title; or


(b) is compensation determined in accordance with Division 5 of Part 2 of the Native Title Act 1993.

Note 1:

Agreements that can be covered by paragraph (a) include:

(a) indigenous land use agreements (within the meaning of the Native Title Act 1993); and
(b) an agreement of the kind mentioned in paragraph 31(1)(b) of that Act; and
(c) recognition and settlement agreements (within the meaning of the Traditional Owner Settlement Act 2010 (Vic.)).

Note 2:

Paragraph (a) does not require a determination of native title under the Native Title Act 1993.

59-50(6)  

An Indigenous holding entity is:


(a) a *distributing body; or


(b) a trust, if the beneficiaries of the trust can only be *Indigenous persons or Indigenous holding entities; or
 View history reference


(c) a *registered charity.
 View history reference


 



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