Tax Laws Amendment (2006 Measures No. 3) Act 2006 (80 of 2006)

Schedule 5   Government grants

Income Tax Assessment Act 1997

1   Subsection 118-37(2)

Repeal the subsection, substitute:

(2) A *capital gain or *capital loss is disregarded if you make it as a result of receiving a payment or property as reimbursement or payment of your expenses, or receiving or using a voucher or certificate, under:

(a) a scheme established by an *Australian government agency, a *local governing body or a *foreign government agency under an enactment or an instrument of a legislative character; or

(b) the General Practice Rural Incentives Program or the Rural and Remote General Practice Program; or

(c) the Sydney Aircraft Noise Insulation Project; or

(d) the M4/M5 Cashback Scheme; or

(e) the Unlawful Termination Assistance Scheme or the Alternative Dispute Resolution Assistance Scheme.