Tax Laws Amendment (2005 Measures No. 5) Act 2005 (162 of 2005)

Schedule 1   Modifications to exemption for foreign earnings

Income Tax Assessment Act 1936

5   Application

 

(1) The amendment made by item 1 is taken to have applied in relation to deaths that occurred on or after 1 July 2004.

      

(2) The amendment made by item 2 is taken to have applied to assessments for the 2002-03 year of income and each subsequent year of income.

      

(3) The amendments made by items 3 and 4 apply in relation to foreign service performed on or after the day on which this Act received the Royal Assent.

      

(4) If, immediately before the day on which this Act received the Royal Assent (the commencement day ):

(a) a person had an absentee credit balance within the meaning of subsection 23AG(6A) of the Income Tax Assessment Act 1936; or

(b) would have had such a balance if that subsection allowed for an absentee credit balance to be a part of a day;

on the commencement day the person's total period of foreign service, under subsections 23AG(6A) and (6B) of that Act as amended by this Act, is increased by a number of days equivalent to:

(c) if, immediately before the commencement day, the person was engaged in foreign service - the number of days, before that day, in that continuous period of foreign service; or

(d) if paragraph (c) does not apply - the number of days in the last continuous period of foreign service in which the person was engaged before that day.