Income Tax Assessment Act 1936
View history note
Hide history noteDiv 1A repealed by No 53 of 2015, s 3 and Sch 1 item 1, applicable in relation to the 2016-17 income year and later income years.
Division 1A comprising s 24B to s 24N inserted by No 164 of 1973.
(Repealed by No 53 of 2015)
S 24G repealed by No 53 of 2015, s 3 and Sch 1 item 1, applicable in relation to the 2016-17 income year and later income years. S 24G formerly read:
S 24G(1) amended by No 41 of 2011, s 3 and Sch 5 Pt 27, by removing gender-specific language, effective 27 June 2011. S 24G(1) amended by No 108 of 1981. Section 960-255 of the
Income Tax Assessment Act 1997
may be relevant to determining family relationships for the purposes of subsection (3).
SECTION 24G EXEMPTION FROM TAX OF CERTAIN INCOME DERIVED FROM SOURCES IN A PRESCRIBED TERRITORY
24G(1)
Subject to subsections (2) and (3), this section applies to:
(a)
income derived (otherwise than as a trustee) from sources in a prescribed Territory by a person who is a Territory resident;
(b)
income derived (otherwise than as a trustee) from sources in a prescribed Territory by a company that is a Territory company in relation to the year of income;
(c)
income derived from sources in a prescribed Territory by a trustee of a trust that is a Territory trust in relation to the year of income;
(d)
income derived from sources in a prescribed Territory by a trustee of a trust, being income to which a beneficiary who is under a legal disability and is a Territory resident is presently entitled; and
(e)
income derived by a person from an office or employment the duties of which are wholly or mainly performed in a prescribed Territory, if the Commissioner is satisfied that, at the time when the person commenced to perform duties of that office or employment in that Territory, he or she intended to remain in that Territory for a continuous period of more than 6 months.
24G(2)
Subject to subsection (3), this section does not apply to income if the Commissioner is satisfied that the income has been, or may be, applied for the benefit of a person not being a Territory resident, or for the benefit of a company not being a Territory company in relation to the year of income of the company in which the income has been or may be applied.
24G(3)
Subsection (2) does not exclude the operation of this section in relation to any income if the Commissioner is satisfied that the application of the income as mentioned in that subsection resulted, or would result, from an agreement or transaction that was a genuine commercial or family dealing and was not entered into or effected for the purpose, or for purposes that included the purpose, of avoiding liability to taxation.
Note:
S 24G(3) amended by No 144 of 2008, s 3 and Sch 14 item 10, by inserting the note at the end, applicable in relation to the 2009-2010 year of income and later years of income.
24G(4)
Income to which this section applies is exempt from income tax.
S 24G inserted by No 164 of 1973.