Commonwealth Numbered Acts

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TAXATION LAWS AMENDMENT (CHANGES FOR SENIOR AUSTRALIANS) ACT 2001 NO. 44, 2001 - SCHEDULE 3

- Exemption of certain payments

Income Tax Assessment Act 1997

1 Before subsection 52-10(2)

Insert:

(1C) Payments made by the Commonwealth and known as the one-off payment to the aged are exempt from income tax.
2 Application

The amendment made by this Schedule applies to assessments for the 2000-2001 year of income and later years of income.




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