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.