Norfolk Island Legislation Amendment Act 2015 (59 of 2015)

Schedule 2   Final arrangements etc.

Part 2   Transitional provisions

Division 11   Adjusted taxable income etc.

386   Determination of tax-exempt Norfolk Island income if information and documents in designated official's possession are sufficient

Scope

(1) This item applies if the designated official possesses sufficient information and documents to determine the person's tax-exempt Norfolk Island income for the period.

Determination

(2) The designated official may determine, from the information and documents in the designated official's possession, an amount to be the person's tax-exempt Norfolk Island income for the period.

(3) In determining the person's tax-exempt Norfolk Island income for the period, the designated official must have regard only to income that was exempt from income tax under repealed Division 1A of Part III of the Income Tax Assessment Act 1936.