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

Schedule 1   Exempt shipping income

Income Tax Assessment Act 1997

3   After subsection 36-17(4)

Insert:

(4A) For subsection (3) or (4), if the entity has *exempt income under section 51-100 (about shipping) for the later income year, disregard 90% of so much of the entity’s *net exempt income for the later income year as directly relates to that exempt income.