Commonwealth Numbered Acts

OIL COMPANIES (STOCK LOSS REIMBURSEMENT) ACT 1986 No. 18, 1986 - SECT 5

5. (1) Where a payment is made to a company under section 3-

   (a)  the payment shall be deemed not to be assessable income or exempt
        income for the purposes of the Income Tax Assessment Act 1936; and

   (b)  the amount that would, apart from this section, be allowable under
        that Act as a deduction from the assessable income of the company of
        the year of income of the company in which the payment is made in
        respect of losses or outgoings incurred in the purchase by the company
        of crude oil shall be reduced by an amount equal to the amount of the
        payment.
(2) In sub-section (1), "year of income" has the same meaning as in section 6
of the Income Tax Assessment Act 1936.