Income Tax Assessment Act 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 768 - Foreign non-assessable income and gains  

Subdivision 768-B - Some items of income that are exempt from income tax  

SECTION 768-110   Foreign residents deriving income from certain activities in Australia ' s exclusive economic zone or on or above Australia ' s continental shelf  

768-110(1)    
The object of this section is to ensure Australia ' s compliance with certain provisions of the * United Nations Convention on the Law of the Sea.

Note:

The text of the United Nations Convention on the Law of the Sea is in Australian Treaty Series 1994 No. 31 ( [ 1994 ] ATS 31) and could in 2014 be viewed in the Australian Treaties Library on the AustLII website (http: / / www.austlii.edu.au).

768-110(2)    
If you are a foreign resident, your * ordinary income and * statutory income is neither assessable income, nor * exempt income, to the extent that:

(a) the income is from an activity carried on in an area that is:

(i) part of Australia ' s exclusive economic zone; or

(ii) part of, or above, Australia ' s continental shelf; and

(b) the activity is specified by regulation to be a prescribed activity for the purpose of this section.