A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

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 59-65  Water infrastructure improvement payments  

 View history reference

59-65(1)  

A *SRWUIP payment, in respect of a *SRWUIP program, to an entity that is a participant in the program is not assessable income and is not *exempt income if:


(a) the entity has made a choice under subsection (2) for the program; and


(b) if the payment is an *indirect SRWUIP payment - the entity *derives the payment because it owns an asset (otherwise than under a *financial arrangement) to which the program relates.

Note:

One of the requirements for a SRWUIP payment is for the SRWUIP program to be on the published list of SRWUIP programs for the day the payment is made (see subsection 59-67(5)).

59-65(2)  

An entity may make a choice for a *SRWUIP program under this subsection if, in an income year:


(a) the entity *derives a *SRWUIP payment in respect of the program but has not, in an earlier income year:


(i) derived a SRWUIP payment in respect of the program; or

(ii) incurred *SRWUIP expenditure in respect of the program; or


(b) the entity incurs SRWUIP expenditure in respect of the program but has not, in an earlier income year:


(i) derived a SRWUIP payment in respect of the program; or

(ii) incurred SRWUIP expenditure in respect of the program.

Disregard subsection 26-100(3) (about expenditure that is never SRWUIP expenditure) for the purposes of this subsection.

59-65(3)  

The choice must be:


(a) made in the *approved form; and


(b) made:


(i) unless subparagraph (ii) or (iii) applies - on or before the day the entity lodges its *income tax return for the income year; or

(ii) if the Commissioner makes an assessment of the entity's taxable income for the income year before the entity lodges its income tax return for the income year, and subparagraph (iii) does not apply - on or before the day the Commissioner makes that assessment; or

(iii) within such further time as the Commissioner allows.

The choice cannot be revoked.

Integrity rule

59-65(4)  

Subsection (1) does not apply if, at the time the entity *derives the *SRWUIP payment in respect of a *SRWUIP program, it is reasonable to conclude that:


(a) the entity will not incur expenditure at least equal to the payment on works required by the program; and


(b) despite not incurring such expenditure, the entity will comply with the program because an *associate of the entity will incur expenditure on those works; and


(c) the associate has not made, and will not make, a choice under subsection (2) for the program.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page