INCOME TAX ASSESSMENT ACT 1997 - SECT 51.100 Shipping

INCOME TAX ASSESSMENT ACT 1997 - SECT 51.100

  (1)   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 .

  (2)   Subsection   (1) does not apply to * ordinary income * derived from, or * statutory income from, * incidental shipping activities relating to the vessel if:

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.