Treasury Laws Amendment (Tax Reform No. 2) Act 2026 (71 of 2026)

Schedule 3   Income tax exemption for PNG Chiefs Limited employment

Income Tax Assessment Act 1997

2   At the end of Division 51

Add:

51-130 PNG Chiefs Limited employment

(1) An amount of your *ordinary income or *statutory income is exempt from income tax if the amount is included in your ordinary income or statutory income for the 2025-26 income year or any of the next 9 income years and:

(a) if the amount is ordinary income - the amount is derived from PNG Chiefs Limited in respect of your employment, or former employment, with PNG Chiefs Limited; or

(b) if the amount is statutory income - the amount is from PNG Chiefs Limited in respect of your employment, or former employment, with PNG Chiefs Limited.

(2) Without limiting subsection (1), an amount may be exempt under that subsection whether the amount is in the form of salary or wages, match fees, allowances, bonuses, benefits, or another form of remuneration.

(3) In this section:

PNG Chiefs Limited means PNG CHIEFS LIMITED, a company:

(a) incorporated under the Companies Act 1997 of Papua New Guinea; and

(b) with the registration number 1-122199282.