S 23GA repealed by
No 143 of 2007
, s 3 and Sch 7 item 9, effective 24 September 2007. S 23GA formerly read:
SECTION 23GA INTEREST ON JUDGMENT DEBT RELATING TO PERSONAL INJURY
An amount derived during a year of income by way of interest on a judgment debt, whether payable under a law of the Commonwealth, a State or a Territory, or otherwise, is exempt from income tax if:
the judgment debt arose from a judgment (the
) given by, or entered in, a court for an award of damages for personal injury; and
the amount is in respect of the whole or any part of the period:
beginning at the time of the original judgment, or, if the judgment debt is taken to have arisen at an earlier time, at that earlier time; and
ending when the original judgment is finalised.
For the purposes of subsection (1), an original judgment is
at whichever of the following times applies:
if the period for lodging an appeal against either the original judgment or a subsequent related judgment ends without an appeal being lodged
the end of the period;
if an appeal from either the original judgment or a subsequent related judgment is lodged and final judgment on the appeal is given by, or entered in, a court
when the final judgment takes effect;
if an appeal from either the original judgment or a subsequent related judgment is lodged but is settled or discontinued
when the settlement or discontinuance takes effect.
For the purposes of paragraph (2)(b), a judgment is a
no appeal lies against the judgment; or
leave to appeal against the judgment has been refused.