Tax Laws Amendment (Shipping Reform) Act 2012 (57 of 2012)

Schedule 1   Exempt shipping income

Income Tax Assessment Act 1997

2   At the end of section 36-10


(5) For subsection (3), if you have *exempt income under section 51-100 (about shipping), disregard 90% of so much of your *net exempt income as directly relates to that exempt income.