Tax Laws Amendment (2005 Measures No. 3) Act 2005 (63 of 2005)
Schedule 2 International shipping and airline profits
Income Tax Assessment Act 1936
2 After subsection 23AH(14)
(14A) This section does not apply to foreign income, or to a capital gain or capital loss, of a company to the extent that the income, gain or loss is from:
(a) the operation of ships or aircraft in international traffic at or through a PE of the company in a listed country or unlisted country; or
(b) things that are ancillary to that operation.
(14B) A company operates a ship or aircraft in international traffic if the company operates it for transporting passengers or goods between a place in one country and a place in another country.