Tax Law Improvement Act 1997 (121 of 1997)

Schedule 3   Exempt income

Part 2   Consequential amendment of the Income Tax Assessment Act 1997

21   Subsection 995-1(1) (definition of exempt Australian government agency)

Repeal the definition, substitute:

exempt Australian government agency means:

(a) the Commonwealth, a State or a Territory; or

(b) an authority of the Commonwealth or of a State or a Territory whose *ordinary income and *statutory income is exempt from income tax because of Division 50; or

(c) an STB (within the meaning of Division 1AB of Part III of the Income Tax Assessment Act 1936) whose *ordinary income and *statutory income is exempt from income tax under that Division of that Part.