Tax Law Improvement Act 1997 (121 of 1997)

Schedule 3   Exempt income

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

2   At the end of Chapter 2

Add:

Part 2-15 - Exempt income

Division 50 - Exempt entities

Table of sections

50-1 Application of Division 50 of the Income Tax Assessment Act 1997

50-1 Application of Division 50 of the Income Tax Assessment Act 1997

Division 50 of the Income Tax Assessment Act 1997 applies to assessments for the 1997-98 income year and later income years.

Division 51 - Exempt amounts

Table of sections

51-1 Application of Division 51 of the Income Tax Assessment Act 1997

51-5 Keeping in force old regulations about exempt allowances and bounties

51-1 Application of Division 51 of the Income Tax Assessment Act 1997

Division 51 of the Income Tax Assessment Act 1997 applies to assessments for the 1997-98 income year and later income years.

51-5 Keeping in force old regulations about exempt allowances and bounties

Any regulations made for the purposes of subparagraph 23(t)(iii) of the Income Tax Assessment Act 1936 that are in force at the end of the 1996-97 income year have effect in the 1997-98 income year and later income years as if they were regulations made for the purposes of items 1.1 and 1.2 of the table in section 51-5 of the Income Tax Assessment Act 1997.

Note: Subparagraph 23(t)(iii) of the Income Tax Assessment Act 1936 and items 1.1 and 1.2 of the table in section 51-5 of the Income Tax Assessment Act 1997 exempt from income tax prescribed allowances and bounties payable to, or in respect of, a member of the Defence Force.

Division 52 - Certain pensions, benefits and allowances are exempt from income tax

Table of sections

52-1 Application of Division 52 of the Income Tax Assessment Act 1997

52-1 Application of Division 52 of the Income Tax Assessment Act 1997

Division 52 of the Income Tax Assessment Act 1997 applies to assessments for the 1997-98 income year and later income years.

Division 53 - Various exempt payments

Table of sections

53-1 Application of Division 53 of the Income Tax Assessment Act 1997

53-1 Application of Division 53 of the Income Tax Assessment Act 1997

Division 53 of the Income Tax Assessment Act 1997 applies to assessments for the 1997-98 income year and later income years.

[The next Division is Division 55.]

Division 55 - Payments that are not exempt from income tax

Table of sections

55-1 Application of Division 55 of the Income Tax Assessment Act 1997

55-1 Application of Division 55 of the Income Tax Assessment Act 1997

Division 55 of the Income Tax Assessment Act 1997 applies to assessments for the 1997-98 income year and later income years.

[The next Part is Part 2-25.]