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

Schedule 3   Non-assessable non-exempt income

Income Tax Assessment Act 1936

25   Subsection 23L(1)

Repeal the subsection, substitute:

(1) Income derived by a taxpayer by way of the provision of a fringe benefit within the meaning of the Fringe Benefits Tax Assessment Act 1986 is not assessable income and is not exempt income of the taxpayer.

(1A) Income derived by a taxpayer by way of the provision of a benefit (other than a benefit to which paragraph 26(eaa) of this Act applies) that, but for paragraph (g) of the definition of fringe benefit in subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986, would be a fringe benefit within the meaning of that Act is exempt income of the taxpayer.

Note: The heading to section 23L is replaced by the heading " Certain benefits in the nature of income not assessable ".