Income Tax Assessment Act 1997
Chapter 4 inserted by No 162 of 2001.
Part 4-5 inserted by No 162 of 2001.
Div 768 heading substituted by No 110 of 2014, s 3 and Sch 2 item 3, applicable to distributions and non-share dividends made after 16 October 2014. Div 768 heading formerly read:
Division 768 - Exempt foreign income and gains
Div 768 inserted by No 96 of 2004.
Subdiv 768-B inserted by No 101 of 2006 , s 3 and Sch 2 item 748, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .
The object of this section is to ensure Australia ' s compliance with certain provisions of the *United Nations Convention on the Law of the Sea.
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).768-110(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 Australia ' s exclusive economic zone; or
(ii) part of, or above, Australia ' s continental shelf; and
(b) the activity is specified by regulation to be a prescribed activity for the purpose of this section.
S 768-110 inserted by No 2 of 2015, s 3 and Sch 4 item 5, applicable to an income year, a year of income or a tax period that commences on or after 1 July 2015.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.