Taxation Laws Amendment Act (No. 4) 2003 (66 of 2003)

Schedule 3   Non-assessable non-exempt income

Income Tax Assessment Act 1997

99   Paragraphs 118-20(4)(a) and (b)

Repeal the paragraphs, substitute:

(a) an amount of your *ordinary income or *statutory income from the event as being *non-assessable non-exempt income; or

(b) if you are a partner, your share of the ordinary income or *statutory income of the partnership from the event (calculated according to your entitlement to share in the partnership net income or loss) as being non-assessable non-exempt income of the partnership.