INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME  

Division 51 - Exempt amounts  

SECTION 51-100   Shipping  

51-100(1)  
An entity ' s * ordinary income * derived during an income year (the present year), or * statutory income for the present year, is exempt from income tax to the extent that it is from * shipping activities that:


(a) relate to a vessel for which the entity has a * shipping exempt income certificate for the present year; and


(b) take place on a day (a certified day ) to which the certificate applies.

Note:

For the days to which the certificate applies, see subsection 8(5) of the Shipping Reform (Tax Incentives) Act 2012.

51-100(2)  
Subsection (1) does not apply to * ordinary income * derived from, or * statutory income from, * incidental shipping activities relating to the vessel if:

Total incidental shipping income > 0.25 % of total core shipping income

where:

total core shipping income
means the sum of the entity ' s:


(a) * ordinary income * derived from * core shipping activities relating to the vessel on the certified days (see paragraph (1)(b)); and


(b) * statutory income from those activities on those days.

total incidental shipping income
means the sum of the entity ' s:


(a) * ordinary income * derived from * incidental shipping activities relating to the vessel on the certified days (see paragraph (1)(b)); and


(b) * statutory income from those activities on those days.


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