Tax Laws Amendment (2012 Measures No. 3) Act 2012 (58 of 2012)

Schedule 4   Clean energy payments

Income Tax Assessment Act 1997

5   Subsection 52-65(1G)

Repeal the subsection, substitute:

(1G) The following are exempt from income tax:

(a) clean energy payments under the Veterans’ Entitlements Act 1986;

(b) clean energy payments under the scheme prepared under Part VII (about educating veterans’ children) of that Act.

Note: The supplementary amount of each other payment under the scheme mentioned in paragraph (b) is also exempt from income tax (see section 52-140).