Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (NO. 2) 2003 NO. 65, 2003 - SCHEDULE 5

Income Tax Assessment Act 1936

1 Paragraph 128B(3)(aa)

Repeal the paragraph, substitute:

(aa) income derived by a non-resident that is an overseas charitable institution (within the meaning of section 121C) where the income is exempt under subsection 121ELA(1); or
2 Before paragraph 128B(3)(b)

Insert:

(ab) income that is exempt from income tax because of item 9.4 of the table in section 50-45 of the Income Tax Assessment Act 1997 (which exempts income derived by the Commonwealth Games Federation); or

Income Tax Assessment Act 1997

3 Section 50-45 (at the end of the table)

Add:

4 Application

The amendment made by item 2 of this Schedule applies in relation to income derived on or after 1 January 2000.