Treasury Legislation Amendment (Repeal Day) Act 2015 (2 of 2015)
Schedule 4 Definition of Australia
Part 1 Income Tax Assessment Act 1997
5 At the end of Subdivision 768-B
768-110 Foreign residents deriving income from certain activities in Australias exclusive economic zone or on or above Australias continental shelf
(1) The object of this section is to ensure Australias compliance with certain provisions of the *United Nations Convention on the Law of the Sea.
Note: The text of the United Nations Convention on the Law of the Sea is in Australian Treaty Series 1994 No. 31 ( ATS 31) and could in 2014 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).
(2) If you are a foreign resident, your *ordinary income and *statutory income is neither assessable income, nor *exempt income, to the extent that:
(a) the income is from an activity carried on in an area that is:
(i) part of Australias exclusive economic zone; or
(ii) part of, or above, Australias continental shelf; and
(b) the activity is specified by regulation to be a prescribed activity for the purpose of this section.