Taxation Laws Amendment Act (No. 4) 2003 (66 of 2003)

Schedule 3   Non-assessable non-exempt income

Income Tax Assessment Act 1936

12   Paragraph 23AI(1)(c)

Repeal the paragraph, substitute:

(c) if the payment is of a kind referred to in paragraph 365(1)(a) - the payment is not assessable income, and is not exempt income, to the extent of the debit;

Note: The heading to section 23AI is replaced by the heading " Amounts paid out of attributed income not assessable ".