Tax Law Improvement Act 1997 (121 of 1997)

Schedule 2   Assessable income

Part 1   Amendment of the Income Tax (Transitional Provisions) Act 1997

2   Before Part 2-5

Insert:

Part 2-1 - Assessable income

[The next Division is Division 15.]

Division 15 - Some items of assessable income

Table of sections

15-1 General application provision

15-10 Application of section 15-10 of the Income Tax Assessment Act 1997 to bounties and subsidies

15-15 Application of section 15-15 of the Income Tax Assessment Act 1997 to profit-making plans

15-20 Application of section 15-20 of the Income Tax Assessment Act 1997 to royalties

15-30 Application of section 15-30 of the Income Tax Assessment Act 1997 to insurance or indemnity payments

15-35 Application of section 15-35 of the Income Tax Assessment Act 1997 to interest on overpayments and early payments of tax

15-1 General application provision

(1) Division 15 of the Income Tax Assessment Act 1997 applies to assessments for the 1997-98 income year and later income years.

(2) However, the sections of that Act listed in the table apply in accordance with the corresponding sections of this Act.

15-10 Application of section 15-10 of the Income Tax Assessment Act 1997 to bounties and subsidies

Section 15-10 (Bounties and subsidies) of the Income Tax Assessment Act 1997 applies to a bounty or subsidy received in the 1997-98 income year or a later income year.

15-15 Application of section 15-15 of the Income Tax Assessment Act 1997 to profit-making undertaking or plan

Section 15-15 (Profit-making undertaking or plan) of the Income Tax Assessment Act 1997 applies to a profit arising in the 1997-98 income year or a later income year, even if the undertaking or plan was entered into, or began to be carried on or carried out, before the 1997-98 income year.

15-20 Application of section 15-20 of the Income Tax Assessment Act 1997 to royalties

Section 15-20 (Royalties) of the Income Tax Assessment Act 1997 applies to an amount received as or by way of royalty in the 1997-98 income year or a later income year.

[The next section is section 15-30.]

15-30 Application of section 15-30 of the Income Tax Assessment Act 1997 to insurance or indemnity payments

Section 15-30 (Insurance or indemnity for loss of assessable income) of the Income Tax Assessment Act 1997 applies to an amount received in the 1997-98 income year or a later income year as insurance or indemnity for the loss at any time of an amount that would have been assessable income under the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997.

15-35 Application of section 15-35 of the Income Tax Assessment Act 1997 to interest on overpayments and early payments of tax

Section 15-35 (Interest on overpayments and early payments of tax) of the Income Tax Assessment Act 1997 applies to interest that is paid or applied in the 1997-98 income year or a later income year, even if some or all of the interest became payable earlier.

[The next Division is Division 20.]

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